| |
 |
How not to sell Ghana Telecom – Part I
On July 28th, Mr Kwame Pianim, a
Ghanaian economist that I had much respect for, said in an
interview with the Daily Graphic that Ghana's economy needed
a $130 million injection to stay healthy and that the $900
million expected from the sale of 70 per cent of GT shares
to Vodafone could provide that critical support, strengthen
the macro economy and control inflation. He went on further
to say that, “If we do not get the money from Vodafone,
inflation will go up, which will greatly affect the poor”.
|
|
|
This was in apparent support
of the fraudulent sale of GT, which has been spearheaded
by the Minister of Finance and some inner core of
Kufuor’s government.
If Mr Kwame Pianim’s position is really the truth, and
as such something to go by, and assuming Vodafone is the
only company to help with this exercise, why would we be
chasing $900 million representing a 70% giveaway of GT,
which is more than a majority stake of a priced and
strategic national asset?
Following Mr Kwame Pianim’s position, I will submit
that, if this arrangement should be followed through at
all, based on the secretive nature of the negotiations,
we should just offer Vodafone 30% of the stakes in GT,
which makes available to us about $385 million, an
amount that is almost three times what Mr. Pianim claims
we need. Thus preserving control of Ghana Telecom to the
real owners – Ghanaians.
What happened to total cost recovery, and why should it
not apply in the sale of GT? Or is total cost recovery
only applicable when dealing with Ghanaians only, while
foreigners and foreign entities rape our economy as and
when they please?
On the same day, Communications Minister, Dr. Benjamin
Aggrey Ntim, at a meet-the-press encounter, explained
that presently, it is the only way out to salvage the
ailing national asset. He asserted that, the sale will
help resuscitate the company, but did not mention any
reason for supporting the sale that could be analysed
critically.
There were no numbers, obviously because he felt
ambushed by the journalists that were “hounding” him,
making sure he does not just throw anything out that
will be used as a noose to hang him later. In fact, the
Minister of Communications came across like he knew
nothing about what was going on but was forced to defend
it for the sake of camaraderie – he obviously does not
believe in the sale of GT, so he has not convinced
himself well enough to convince anyone else, including
the journalists.
On August 4, the Minister of Finance, Kwadwo Baah Wiredu,
whose nephew is rumoured to be a beneficiary, should
this GT-Vodafone deal go through, was captured on radio
telling the same Daily Graphic that, the company (Ghana
Telecom), “which he described as strategic, had only
$167 million in its accounts, and therefore, an
additional $199 million was needed to cater for
equipment, advertisements, stationery, fuel, as well as
salaries and pensions of its workers”.
Again, if all we need is $199 million, why are we
selling out GT for $900 million, representing 70%,
rather than $ 385 million, which is 30%. If Mr.
Baah-Wiredu really believes that the company is of
strategic importance to the country, and as such must be
sustained and retained in Ghanaian hands, why then is he
pushing for it to be given away in such reckless manner.
Is it to cover up the mess that he and his clique have
caused at GT?
What is even more annoying to me, is the fact that the
Minister was reported to have thrown down the gauntlet –
daring the millions of people against the sale of the
strategic national asset that predates his school days,
to come up with an alternative to salvaging the company.
What the Minister refuses to have us debate, is the
financial and operational health of GT and how we
arrived there, how the 70% giveaway was decided upon and
by whom, and what sureties there are, that Vodafone will
develop our Telecommunications infrastructure in line
with the promises made. These remain promises and do not
form part of the final agreement parliament is to
‘rubber-stamp’.
Even if the amounts quoted by the Minister and the
economist were for different programmes, the total for
both – which is $330million, could still be accommodated
within the $385 million that a 30% stake will net the
country
That said, the onus lies on the proponents of the sale
of GT, especially the Ministers – Baah-Wiredu and Aggrey
Ntim to justify the sale using facts and figures as well
as prove to Ghanaians that there are no special interest
groups involved. Let us subject the “secret contract” to
a thorough, dispassionate and commonsense debate, before
the NPP tries to bully yet another fraudulent
legislation through parliament.
The truth is, if Areeba, now MTN, was valued at $5
billion, why will GT, including all its subsidiaries –
be valued at $ 900 million. We are being hoaxed, and we
know it.
It is becoming increasingly difficult to believe the
real intentions of the people behind this shady deal.
The lies are inconsistent, the reasons untenable, and
the numbers do not add up.
The most prudent thing to do, is to annul this contract,
unless of course there is a clique within this
government that see things beneficial only when they are
making money at the expense of the state.
I pray, that parliament throws out that agreement;
because it is not worth the paper it was written on. In
fact, it will be fraudulent for parliament to be
convened, let alone consider this fraud that a few
“greedy bunch” want to push through for their own
benefit.
The NPP government had previously tried to sell off,
rather than seek strategic partners for the Tema Oil
Refinery (TOR), Agricultural Development Bank (ADB) and
Ghana Commercial Bank (GCB) all these are national
assets. They only backed out after intense pressure from
civil society organisations.
In my next article – I will be writing on how to sell
stakes in GT within a transparent and diligent framework
that will be beneficial to Ghana, leaving the strategic
interest intact.
Author: E. Kwashie Agben
Email: agben@yahoo.com
|
SuperGhana News - Bringing you the
latest Ghana news. |
|
|
|
|
|
|