Telecel Group, the new owners of 70% majority shares in Vodafone Ghana has secured a $20 million investment package from Africa Credit Opportunities Fund (ACOF) to expand operations in West Africa, particularly Ghana.
This partnership, which aims to expand Telecel Global Services’ operations in West Africa, is part of a larger effort to advance connectivity, foster innovation, and bridge Africa’s digital divide.
This news comes two days after Vodafone Ghana announced that it will be rebranded as Telecel Ghana by the end of February 2024, following the roller coaster ride to eventually acquire 70% stake acquisition in Vodafone Ghana about a year ago.
ACOF is a joint venture between Gateway Partners and the Fund for Export Development in Africa (FEDA), the African Export-Import Bank’s development impact investment platform.
While this collaboration fosters innovation and progress in the African telecommunications industry, it also benefits job creation, technological advancement, and overall economic development.
Indeed, part of the deal government of Ghana reached with Telecel is to ensure job security as they take over Vodafone Ghana, in which government still hold a 30% share.In his remarks, Telecel Group CEO Moh Damush expressed excitement about this development, calling it a “transformative venture.”
According to him, the investment reflects and validates Telecel’s potential for growth and goal of building a more connected and inclusive digital economy in Africa.
Andrew Bainbridge, CEO of ACOF, emphasised that the investment represents a solid financial opportunity while reaffirming the continent’s commitment to improving digitalisation and eCommerce.
In October last year, Telecel announced that it had successfully expanded Vodafone Ghana’s network infrastructure by adding 300 new 4G sites, most of which had already been activated across Ghana.
About six months earlier, Lynk Global, a satellite-to-standard-phone telecommunications firm, entered into its second commercial agreement with Telecel Group to provide 100% coverage for Vodafone Ghana’s 31 million subscribers using Lynk’s innovative “space-based cell towers” technology.
The partnership is said to expand rural coverage, ensure service resiliency, and support IoT devices.