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Business News of Saturday, 16 February 2008

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Gov't Suspends Sale of GT

The head of corporate communication and customer care of Ghana Telecoms, Major Albert B. Don-Chebe, revealed that the government had suspended the offloading of 66% of its shares in the state-owned Ghana Telecoms (GT) to strategic investors owing to low bidding.

Speaking to APA in Accra on Friday, Don-Chebe said France Telecom offered US$520 million but was rejected because the asset of Ghana Telecom was worth more than that.

Don-Chebe said Spanish and Portuguese telecommunications companies also put in bids but were all considered below the expectation of the government.

He however said the government was ready to re-open the bid to any bidder that would satisfy its minimum expectations.

Don-Chebe said GT has over 1.4 million mobile phone subscribers, indicating that the company had more fixed lines than any other telecommunication company in Ghana.

Other telecommunication companies that operate in Ghana are, MTN, a media telecoms network, TIGO, Kasapa and Westel.