Ghana: Vodafone refuses to introduce a portion of its capital stock on the stock market as required

Mobile operator Vodafone Ghana does not plan to introduce part of its shareholding into the Ghana Stock Exchange (GSE), as requested by the government to grant a 4G license to an operator.  

Vodafone Ghana, which obtained the 4G license in December 2018 for US $ 30 million, believes that it already meets state requirements for part ownership of the company by Ghanaians.

Yolanda Cuba, the chief executive of the telecom operator, said: “We will not bring the company to the Ghana Stock Exchange. At present, Ghanaians own 30% of the society through the Government of Ghana; this far exceeds the percentage required for the introduction, so we have already met this criterion , “she said.

Reacting to this exit from Vodafone Ghana, Kofi Yamoah, the GSE’s chief executive, explained at a press conference on the performance of the stock market in 2018, that the 30% stake held by the state, can not be considered public property.

“I would describe public property as a property owned by the general public. Otherwise, all state enterprises should be described as public, but they are not realistically , “he said.

Source: Agence Ecofin