African Focus Telecom Company, Telecel has indicated that it will re-engage the Government of Ghana over its takeover bid for Vodafone Ghana’s operations.

This is coming after the authorities rejected its earlier request to take over the British telecommunication company

In a statement, Telecel, confirmed that it has signed a Sale and Purchase Agreement (SPA) with Vodafone to acquire a 70% percent stake in its Ghanaian subsidiary, adding, the agreement is currently pending regulatory approval.

“We have received their responses which have not granted the approvals yet and Telecel is willing to re-engage soon after putting together the necessary clarifications.”

“Telecel Group and Vodafone have been in touch with Ghana’s Ministry for Communications, the Bank of Ghana, and the National Communications Authority, to finalise all the regulatory requirements related to this transaction”, it pointed out.

It disclosed that together with Vodafone, they have been in touch with the Ministry for Communications, the Bank of Ghana and the National Communications Authority, to finalise all the regulatory requirements related to this transaction.

It further said the acquisition is fully financed by Telecel Group and its partner, adding, the potential sale of Vodafone Ghana Towers is not part of the acquisition funding.

It hoped to successfully conclude this transaction and looks forward to engaging with staff and customers who are important to the business.

It concluded that Telecel business model is unique which focuses its strength on overcoming challenges through disruptive innovation, and therefore Ghana's business climate suits the business models of Telecel Group and was the key enabling factor based on which the group was able to reach an agreement with Vodafone.

Telecel Group has already made investments in Ghana as part of the agreement of the Africa Startup initiative Programme  (ASIP) and it intends to spend around $500 million in the first three years to expand and refinance Vodafone's network across the country.