The Convention People’s Party (CPP) offered Vodafone a better alternative framework which will save the struggling Ghana Telecom Company.
In the party’s general Economic Policy, which was made available to the Ghana News Agency said it was impracticable for the manager of a company or economy to sell off long-term assists to address short-term problems.
The CPP said that by doing this you many survive in the short-term but may compromise your long-term capability. They believe it is worse when sales involves the transfer of majority interest to a foreign ‘strategic investors’ whose plans and motives aren’t very clear
“Temporary problems in the course of managing our affairs should not form the basis for us to doubt ourselves and give ammunition to our detractors.”
The CPP suggested short-term and long-term measures to improve the quality of GT’s management for now and the future, including the recapitalization of GT by using some of the US$300 million that the government is borrowing to materialize Vodafone’s demands.
The CPP also called for the transaction advice to be held responsible for any damaging transactions to the country. They also suggested the GT management be made transparent, such as quarterly and annual publications of financial reports, management contracts including the targets and penalties for failure to perform. They also called for talks about GT’s gross and net debt.
CPP has called for reform laws for distresses business, state and privately owned, to file for bankruptcy and give them the opportunity to restart their operations and become viable again.
The CPP said that the sale would rather keep the Ghanaian government from further debt and would rather endanger the employment of GT’s workers.
The CPP is said to be constantly referring to $30 Million in the National Communication Backbone Company and the $55.5 million in the Volta River Authority’s Fibre Optic Known as Voltacom; the cost of an investment, was confusing, with its value and provided grounds to shy transaction not to proceed.
By IT News staff reporter
