Telecel to invest US$700 million in Africa, Ghana is key


Telecel Group (telecel), the Africa-focused telecoms company, which recently acquired Vodafone shares in Ghana, has earmarked US$700 million for investment in Africa over the next fives years, prior to going public.

The US$700 million was money it raised from a number of banks and investors between 2021 and 2022, and it will be invested into more acquisitions and into the expansion of existing operations, like the one in Ghana.


Telecel has just gotten approved to purchase 70% majority shares in Vodafone Ghana in an all-cash deal which forms part of its expansion strategy ahead of the planned initial public offer (IPO).

Vodafone Ghana is its biggest buy yet, and CEO Moh Damush said “The Ghana deal is important because it’s shifting the group from one size to another.”

The company had early indicated that it was ready to invest US$500 million in Ghana alone over the next three years, for network expansion after acquiring Vodafone Ghana.

Damush confirms Telecel’s commitment to Ghana, saying they plan to double the number of towers in Ghana, in the next two years in a bid to compete with market leader, MTN. Vodafone’s network consists of about 2,000 towers, compared with MTN’s 5,000.

According to him, the group also plans to provide rural areas with connectivity via satellites, adding that they intend to take full advantage of the new regulations in Ghana that allows Telecel to offer roaming on the MTN network while its network expansion is being carried out.

Meanwhile, Telecel has also assured Vodafone Ghana workers that there will be no layoffs and the rebranding of the company from Vodafone to Telecel could take up to about two years.

Also Read: Vodafone-Telecel deal generates mixed feelings among Vodafone Ghana staff


Initially, the National Communications Authority (NCA) rejected the deal between Vodafone Group and Telecel, claiming it did not meet regulatory requirement and that Telecel lacked the financial and technical capacity.

But in approving the deal months later, the NCA noted that it was satisfied with revised financial and technical proposal Telecel resubmitted, which “demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions.”

NCA said it found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from Telecel to expand access.

The regulator added that Telecel also strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.

“Based on the above, the NCA confirms that the revised proposal from the Buyer [Telecel] now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention,” it added.

The NCA therefore assured the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Telecel to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry.

Techgh24 has gathered that processes towards Telecel’s coming in country are far advanced and soon they will make an entry and start operations. Officials of Telecel are however yet to meet and interact with Vodafone Ghana staff.

Ahead of that, though, Telecel has, for the past two to three years, been investing in growing tech start-ups in Ghana through its accelerator program – Africa Start-up Initiative Program (ASIP) in which scores of Ghanaians start-ups have had a go, and several of them have actually benefitted.

Telecel is an international telecommunication company, operating primarily in Africa, founded in 1986 by the late Congolese businessman Miko Rwayitare. In 2017, it was acquired by French Business tycoon Hugues Mulliez and his partners, Nicolas Bourg and Moh Damush, who is now the CEO.

Among its current board members is Obafemi Banigbe, a well known telecoms expert who worked with Tigo Ghana for many years as Chief Operating Officer (COO) before joining Afriwave Telecoms also in Ghana. He has also had stints with Kirusa, Amplitude Telecoms Africa, Silver Rock Technology Services and others as well as doing some private consultancy.

Telecel is positioning itself as a key player in the new African digital revolution converging telecommunication with fintech, e-commerce, and the growing African centered tech start-up space. It is present in several Africa countries and has footprints in the UK and in Spain.


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