He also suggested that listing on the Ghana Stock Exchange would be an option taken up by several of the country's six mobile networks as they seek to raise funds for network expansion and upgrades.
The move would delay a predicted consolidation in the market as well though, as the six networks would be financially able to remain independent for longer. The market has been considered top heavy with six networks, although fast subscriber growth is currently keeping several of the smaller networks afloat.
Only two of the six networks is currently cash positive in post-tax terms, and some are posting annual losses.
"My argument then was that most markets internationally have two to three mobile operators - the reason for that is it's hard to build a profitable business with less than 25% market share," Whitehill told Adom News.
Vodafone bought a highly controversial 70% stake in the then Telecom Ghana for US$900 million in August 2008. The government still owns the other 30% stake in the company. It was rebranded as Vodafone Ghana in 2009.
Rival networks, MTN and Tigo have also previously suggested that a stock market listing would be considered.
On the web: GhanaWeb
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