Former minority leader and former Communications Minister, Hon. Haruna Iddrisu, voiced significant concerns during a parliamentary session on November 1st regarding the reported sale of a 30% stake in Vodafone.
Hon. Iddrisu disputed the purported $100 million sale price, asserting that Ghana’s share in Vodafone was valued well over a billion dollars.
Vodafone, a leading telecommunications company in Ghana, demonstrated robust financial performance in 2021, amassing $1.2 billion in revenue and $250 million in profit. The Ghanaian government had acquired a 30% stake in Vodafone for $900 million back in 2008.
Hon. Haruna highlighted the discrepancy in Ghana’s Vodafone stake value, contending that the actual worth far exceeded a billion dollars. He also raised concerns about the declining state of Ghana’s telecommunications sector and the potential consequences of the alleged undervalued Vodafone sale.
During the parliamentary session, Haruna Iddrisu urged for clarity, stating the urgent need for the Minister of Communications to address the alleged undervaluation and its impact on Ghana’s telecom sector.
“I want the leader of government business and the business committee to program the honorable Minister for communications to come and respond to this house whether it is true that Vodafone, a 1 billion asset of the Republic of Ghana, has been sold on credit for less than 100 million and the state of that transaction and also to update this house on the withering away of Ghana’s Telecom landscape and its trend.”
Furthermore, he underscored the importance of highlighting the declining state of Ghana’s Telecom landscape.
“The Telecom sector used to be a major Revenue source for the government; we are hearing that Vodafone has been sold out, sold out on credit at 1 billion worth at less than $100 million. The minister must come to this house and address the withering away of our Telecom sector and their inability to pay Revenue to government.”
Haruna Iddrisu’s concerns and inquiries underscore the need for transparent handling of the Vodafone stake sale, ensuring accountability and safeguarding the interests of the nation’s citizens.
Story by : Muntari Marfu-atu Meinasara | univers.ug.edu.gh