---
title: "Ghana approves sale of Vodafone unit to French tycoon’s Telecel"
description: "Ghana has given Telecel Group, headed by French tycoon Hugues Mulliez, approval to buy Vodafone Group Plc’s operations in the West African country."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-01-16-ghana-approves-sale-of-vodafone-unit-to-french-tycoons-telecel/"
published: "2023-01-16T17:42:30"
lang: "en-ZA"
word_count: 216
---

# Ghana approves sale of Vodafone unit to French tycoon’s Telecel

> Ghana has given Telecel Group, headed by French tycoon Hugues Mulliez, approval to buy Vodafone Group Plc’s operations in the West African country.

By Bloomberg · Published 16 January 2023, 19:42 SAST

## Content

The National Communications Authority granted approval to transfer Vodafone’s 70% stake in Ghana Telecommunications Co, the agency said in a statement on Monday, about [six months](https://www.bloomberg.com/news/articles/2022-08-03/telecel-says-it-s-negotiating-approval-for-vodafone-ghana-deal) after Bloomberg first reported on the talks.

Telecel is using the stake as part of an expansion drive into this part of Africa, and could potentially provide much-needed investment in the country. Ghana, which lost access to the international capital markets due to its ballooning debt and loan-service costs, [suspended interest payments](https://www.bloomberg.com/news/articles/2022-12-19/ghana-suspends-payments-on-eurobonds-commercial-term-loans-lbumxmei) on its external debt last month. The nation is trying to restructure its obligations to finalise a $3-billion bailout from the International Monetary Fund.

[Read More: Vodafone Agrees to Sell Stake in Ghana Operations to Telecel](https://www.bloomberg.com/news/articles/2022-07-29/vodafone-agrees-to-sell-stake-in-ghana-operations-to-telecel)

Vodafone didn’t immediately respond to requests for comment and Telecel declined to comment.

Vodafone entered Ghana in 2008, paying the government $900-million for the 70% stake in the business. The state held a third of the business.

Last week, the Ghanaian government [issued a $773-million back-tax bill](https://www.bloomberg.com/news/articles/2023-01-13/mtn-gets-773-million-tax-bill-in-ghana-it-strongly-disputes) to the country’s largest telecommunications operator, MTN Ghana, which the operator “strongly disputes”.

[Read More: MTN Gets $773 Million Ghana Tax Bill It ‘Strongly Disputes’](https://www.bloomberg.com/news/articles/2023-01-13/mtn-gets-773-million-tax-bill-in-ghana-it-strongly-disputes)

Mulliez is a shareholder in the [Association Familiale Mulliez](https://www.bloomberg.com/quote/3600969Z:FP) – owner of French retailers including Decathlon and [Leroy Merlin](https://www.bloomberg.com/quote/0468003D:SM) – and has been chairman of Telecel Group since 2018. **BM/DM**