Sale of GT: Government not interested in profit

The Deputy Minister of Communications, Hon. Fred Opare-Ansah says government has no interest in the monetary aspect of the sale of Ghana Telecom (GT) to Vodafone.

He told Joy FM's Front Page host, Kweku Sakyi-Addo that government's interested was the future prospects of GT.

The Deputy Minister said the decision to offload the 70% government shares in GT to Vodafone was well thought out.

The transaction advisor, he explained, “brought in experts to do technical, financial and legal” assessment of the company's assets saying due diligence was done before the deal was entered into by government.

As part of the deal, he emphasized, Vodafone is expected to inject over $500 million into its operations in the next five years.

Mr. Opare-Ansah who is also the Member of Parliament for Suhum disagreed with earlier suggestion by one of the discussants that the deal should be suspended.

“I don't think there are any grounds for suspension here because every concern that has been raised since the document went to parliament has been adequately addressed,” he remarked.

But Mr. Nii Moi Thompson, an economist and a leading member of the Convention Peoples' Party insisted the deal should be suspended.

He argued, the suspension would allow the country to “think through properly” to get abreast with the broader implications of the deal.

The Minority Spokesperson on Communications, Haruna Iddrisu, expressed concern about how the deal was shrouded in secrecy when the transaction began.

He queried the government for sidestepping the Public Procurement Act in the sale of GT.

Mr. Iddrisu maintained Ghana Telecom should be valued at over $900 million.

He also associated himself with Nii Thompson's suggestion that government should hold on to about 51% of GT shares and float the reaming 49% for other strategic investors.