Ghana has given the go-ahead for Vodafone International Holdings to sell its 70 percent stake in Vodafone Ghana to Telecel Group.
Although the exact terms of the proposed deal were not revealed, it's a deal that has been on the cards for some time.
Approval of the sale was given by the National Communications Authority (NCA) after Telecel submitted a revised financial and technical proposal last month, according to Reuters.
The sale was initially turned down by the NCA last year as Vodafone Ghana's proposal failed to meet the required regulatory standards.
However, the latest submitted plans provided more clarity around the funding of the transaction noted the NCA, and were able to meet the regulatory threshold.
Vodafone first entered Ghana back in 2008, paying the government $900 million for the 70 percent stake, while the remainder is held by the state.
Meanwhile, for Mauritius-based Telecel Group, the transaction provides an opportunity for the telco to expand its footprint across the continent.
The proposed sale follows that of Vodafone's Hungarian business unit to local IT company 4iG and the Hungarian state for $1.82 billion last week, after the deal was first announced in August last year.
The operator is also set to cut several hundred jobs, mainly based in London, while the operator is still yet to announce its new chief executive to replace Nick Read.