Privatization Of GT On Course

Government says it is on course to privatize Ghana Telecom, arguably the largest telecommunication company in the country, by the end of the year.

Minister of Communication, Dr. Benjamine Aggrey Ntim says the transaction advisers have been working assiduously to ensure that final bidders are chosen on time.

Government last May selected Ecobank Development Corporation (EDC) and Societe Generale (S-G) as transaction advisors for the valuation of the company.

The two companies are to serve as advisers on the valuation of the assets of GT, leading to a subsequent pricing of the shares. They are also expected to advise Government on which strategic investor to choose for GT.

Though FRANCE TELECOM has expressed interest in controlling a substantial stake in Ghana Telecom when the privatization process is complete, it is not known whether it will succeed.

About 51 per cent of GT’s shares are expected to be off-loaded to a strategic investor, while the remainder will be listed on the Ghana Stock Exchange (GSE).

Government is expected to retain about 20 percent stake in Ghana Telecom.