Celtel International, a subsidiary of Zain (formerly the MTC Group), has signed an agreement with the Ghana government to acquire 75 per cent stake in mobile service provider Western Telesystems Limited (Westel) for $120 million.

Celtel International, a subsidiary of Zain (formerly the MTC Group), has signed an agreement with the Ghana government to acquire 75 per cent stake in mobile service provider Western Telesystems Limited (Westel) for $120 million. Under the agreement, the Government of Ghana will retain 25 per cent stake in Westel through the Ghana National Petroleum Corporation. The transaction, though awaiting standard approvals and authorisation, is expected to be concluded soon. The Zain Group is planning to launch telecom services in Ghana in the first half of 2008.