The announcement comes weeks after the official approval by the National Communications Authority (NCA).

Citi Business News understands that today’s announcement will also culminate in the human resource plan for the new entity which involves skills assessment of staff of both companies.

With this, the meeting is said to have led to mixed feelings among workers of Tigo and Airtel.

Aside the official unveiling of the new company name and logo, executives for the merged entity will also be officially out doored today.

The Marketing Director of Airtel, Rosy Fynn explains that completing the merger process could span beyond a year.

But she is confident that the move is necessary for building strong companies in the telecom industry.

Following the approval of the merger by the NCA last month, Tigo’s MD, Roshi Motman has since been named as the CEO of the new entity.

But Airtel’s MD, Lucy Quist has resigned from the company.

Meanwhile, some workers have begun making moves to exit the entity.

According to them, the new entity has created a situation that may require one person occupying some top management positions even though the two companies already have people in those positions.

Labour Expert, Mr. Austin Gamey believes the need to cut down on the workforce may be due to new strategies.

The successful closing will see both companies hold equal ownership and governance rights in the combined entity.

The new entity after the merger is set to assume the second largest telecom company slot.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Tigo, Airtel to outdoor new brand name today appeared first on Citi 97.3 FM - Relevant Radio. Always.

The headquarters of both entities were vibrant and alive as employees created awareness on Breast Cancer Awareness month which was climaxed with a buffet lunch and fund-raising activities.

The merged entity had a lot to celebrate given that they have over the years supported Breast Cancer campaigns by raising funds among themselves and supporting various institutions in creating awareness on early detection and caring for survivors.

This year’s internal awareness campaign which builds on the successes of activities over the years, featured a month-long digital news portal updates to employees on the signs to look out for, how to self-examine and treatment options when such signs are reported for early medical attention.

Employees were also sensitized against stigmatization and encouraged to be strong support systems for loved ones who find themselves with the devastating disease. They also partnered with NGO, Breast Care International for this year’s ‘Walk for Cure’ awareness campaign in Koforidua in the Eastern region.

The Breast Cancer awareness month has become an institutionalized feature for employee engagements for Tigo and Airtel staff to compliment the national agenda which was this year themed “Early Detection and Effective Treatment Save Lives”.

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Credit: Tigo/Airtel Ghana

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On October 13, 2017, the Managing Director of Tigo, Roshi Motman, was named as the new CEO of  the merged  entity, following the resignation of the MD of Airtel, Lucy Quist

[contextly_sidebar id=”AHI4n7DalPzxuJw6Wc6D57fHn8BwcFh1″]Even though the merged entity is yet to come out with a new directive on the number of workers that will be retained, some have begun making moves to exit the entity.

According to them, the new entity has created a situation that may require one person occupying some top management positions even though the two companies already have people in those positions.

For example, it was known that the merged entity will have one Chief Executive Officer, hence the exit of the CEO of Airtel , Madam Lucy Quist.

The situation is expected to run through the top management positions of the new entity.

Labour Expert, Austin Gamey, believes the need to cut down on the workforce may be due to new strategies.

All over the world, mergers and takeovers among business entities have brought some level of restructuring that have left some workers losing their jobs.

On August 3rd 2008, global telecom company Vodafone, acquired 70 percent stake in Ghana telecom.

The move resulted in a massive restructuring that left some workers being laid off, but made the company much stronger and more profitable.

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By: Lawrence Segbefia/citibusinessnews.com/Ghana

The post Airtel, Tigo Merger: Workers anxious of losing key positions appeared first on Citi 97.3 FM - Relevant Radio. Always.

It unclear where Ms Quist, who has been at the helm of affairs since 2014, will be heading to.

There were earlier reports that Tigo’s current MD, Ms. Roshi Motman, is likely to be named as the MD of the new entity to be created following the merger of Airtel and Tigo.

[contextly_sidebar id=”MsfJPYOWcbwN4GIlCKNIEuahP10SgCRK”]The National Communications Authority (NCA),  early last week announced it had given approval for the merger between Airtel and Tigo to proceed with the merger subject to some conditions.

A statement from the NCA and copied to Citi Business News indicated that, the merger will result in an entity which will be the second largest mobile network operator in the country.

The merger, which was first announced in March this year, required the regulator to conduct a comprehensive analysis of the application and the regulatory ecosystem.

The latest development brings to an end months of speculation about her role as CEO of Airtel Ghana, once the planned merger between the company and Tigo Ghana are concluded.

A short note to her followers on her Facebook page @lucyquistofficial, and her website www.lucyquist.com confirmed her planned exit.

Portions of her note read “ After almost three and a half year of leading the amazing team at Airtel Ghana, the time is right for me to move on to the next chapter. It has been a truly remarkable journey and I thank each and everyone of you for your support, encouragement and business partnership over the course of my stewardship. We are proud of our achievements. Particularly, I want to thank all those who have been part of the many initiatives I have led over the last few years to empower young people and every young person who works with me for that matter. Notably the Evolve with STEM and the Bold New Normal initiatives. I look forward to empowering more young people even as I continue my professional journey. Together we will create the Bold New Normal of prosperity for our country and continent”.

Lucy Quist’s period at Airtel Ghana

Lucy Quist joined Airtel Ghana in 2014 as the first Ghanaian female CEO of a major multinational telecom company.

During her tenure, she successfully led her team to re-position and transform Airtel Ghana into one of the fastest growing telecom companies in the country, as well as the industry leader in data and digital innovation, and the most loved telecom brand in the daily lives of Ghanaians.

She is credited with leading the launch of breakthrough initiatives for Airtel Ghana, including the introduction of bespoke sub brands and value propositions for customers – such as  Airtel Premier, the telecom industry’s first ever sub brand that provides telecom and lifestyle solutions for High Value customers.

She also led the creation of Airtel’s Data Business – building a specific sub brand to grow the data side of the business – resulting in a significant growth in customer and revenue market share for data.

Airtel’s Data Business became the conduit for digital inclusion, and some of the most remarkable innovations in the data and internet service provider space within the Ghanaian telecom industry.

Personal achievements

Mrs. Quist has been recognized by several reputable organisations– Corporate Leadership Award (Ghana Legacy Honours 2017), Telecom CEO of the Year (Ghana ICT and Telecoms Award 2016), CSR CEO of the year (Ghana CSR Excellence Awards 2016) and CIMG Marketing Woman of the year (2014).

She is on the Board of many distinguished local and international organisations including the International Board for African Institute for Mathematical Sciences (AIMS), Petra Trust Company Ltd, the Business Environment Enabling Programme under the UK Department of International Development (DFID), the Climate Innovation Center Ghana and The Exploratory among others.

She is a founding member of the Executive Women Network, a non-profit organization of women in senior management and executive positions committed to inspiring, empowering and supporting women executives to succeed and become influential both locally and internationally.

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By:  Vivian Kai Lokko/citibusinessnews.com/Ghana

The post Airtel’s MD Lucy Quist resigns ahead of Tigo merger appeared first on Citi 97.3 FM - Relevant Radio. Always.

A statement from the NCA and copied to Citi Business News,  indicated that the merger will result in an entity which will be the second largest mobile network operations in the country.

The merger, which was first announced in March 2017, required the regulator to conduct a comprehensive analysis of the application and the regulatory ecosystem.

To ensure efficient and equitable distribution and access to the spectrum, the merged entities would have to submit a network integration plan to the Authority which will indicate how they intend to relinquish portions of their total spectrum allocation.

This, however, will be done in phases on geographical area basis and over a period not exceeding eighteen (18) months to avoid disruptions on the network.

On the issue of numbers, the merged entity shall retain all the numbering resources held by the merging entities.

The NCA has also requested the merged entity to submit a plan to educate customers about changes and related measures within 30 days from date of merger.

The merger approval is also conditioned with an option for Government participation.

Based on agreements which have been accepted by the merging entities and the payment of relevant fees, a supplementary agreement to the licenses of the merging entities will be signed between the NCA and the merging entities; the day of the signing of the agreement will be the effective date of the merger.

The merged entity will have a 3G Licence valid until 25th January, 2024, while their 2G Licence will be valid until 30th October, 2021.

The NCA wishes to assure all stakeholders, especially consumers, that their various interests will be protected and that the Authority will endeavor to maintain stability within the industry.

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By: citibusinessnews.com/Ghana

The post NCA approves Airtel, Tigo merger appeared first on Citi 97.3 FM - Relevant Radio. Always.

The two companies, Millicom International Cellular SA [Tigo], and Bharti Airtel, commenced talks in 2016, but finalized it in 2017.

[contextly_sidebar id=”mRbqcUZnW8pDxRoBJCK76A1MJejscK2s”]Per the agreement, Millicom and Airtel would have equal ownership and governance rights in the combined entity.

The combined business is expected to serve nearly 10 million customers, of which 5.6 million are data customers.

The move, which is also aimed at providing about 80% of Ghana’s population with high speed data, providing the widest 3G coverage across the country, has revenue of about $300m.

Meanwhile, a statement from the two entities said the transaction is subject to obtaining approval from the relevant authorities in Ghana, and the satisfaction of customary closing conditions.

By integrating the two networks, the combined business is expected to provide Ghanaian customers with a major boost in both rural and urban network coverage –in turn translating into better voice quality, high speed data services and reinforced network stability and resilience.

“With the combined fibre footprint and increased data centres, enterprise customers including both, large corporations and SMEs, would have access to a diverse portfolio of world class solutions. Mobile Financial Services is also expected to be greatly enhanced with combined agent networks and platforms,” the statement added.

The merger is expected to push the new entity to be the second biggest telecom operator in Ghana.

Mohamed Dabbour, Executive Vice President, Millicom Africa at the signing in ceremony said: “In a highly fragmented telecom market, this deal represents a major milestone for our business in Ghana. The combination of Tigo and Airtel will create an operator that will be ableto offer Ghanaian consumers and businesses a state of the art network with high speed mobile data coverage. This transaction underlines confidence in the Ghanaian economy, and provides the opportunity to develop nationwide digital infrastructure and services in Ghana.”

Raghunath Mandava, MD and CEO, Airtel Africa, said: “The agreement highlights our commitment to the Ghana market and our customers. The coming together of the two entities will benefit customers, who can now enjoy an extensive combined network and a wider range of affordable and innovative products and services. It will further strengthen our position in the market and offer huge benefits arising out of synergies in operations, resulting in better experience for the customers.”

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By: Godwin A. Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Airtel, Tigo sign agreement to seal merger appeared first on Citi 97.3 FM - Relevant Radio. Always.

[contextly_sidebar id=”fyD44OaZAbuliQX0jOiWv4lb4oBQc1SH”]According to Tigo, 65,000 customers have so far received interest on their Tigo Cash.

A total of over GHc1.2million is expected to be paid to all Tigo Cash users by the end of the first and second quarter payment windows.

Speaking to Citi Business News on the latest development, Chief Commercial Officer of Tigo Ghana Tara Squire assured all Tigo customers will get their interest paid as directed by the BoG soon.

“For today [Tuesday], we’ve already paid over 650,000 customers and we are still paying. People have various amounts and we are continuing to pay. The subscriptions are worth about 1.2 million cedis.”

The payment follows a directive by the BoG for all telcos to pay interest to customers of mobile money banking.

“For me it’s a great day for mobile wallets and for financial inclusion because henceforth, it doesn’t matter where the money sits, be it on your mobile phone or traditional bank account, you have the power to earn interest on it which is exciting.”, Mr Squire added.

He concluded saying “What we are paying now is quarter one and quarter two. So even though the approval is been given on the 11^th of September to go ahead, its retrospective. It goes back to the rest of the year.”

Tigo launches new product

Meanwhile Tigo Ghana has launched its new Cash product which allows customers buy airtime for anyone on any network in Ghana and over 100 countries across the world.

The new product is dubbed Tigo Cash International Buy Airtime.

With the new addition, Tigo customers roaming on the Tigo network can equally purchase airtime for themselves and other international networks at no extra cost.

Chief Commercial Officer of Tigo Ghana Tara Squire says “this innovation we believe will change the way customers interact with the mobile phone as it brings more convenience to them.”

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By: Jessica Ayorkor Aryee.

The post Tigo begins payment of ‘Tigo Cash’ interests appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, the cedi is consistently depreciating against major foreign currencies because “people keep talking it down”

Speaking to Citi News, Dr. Wampah further stated that “talking down the cedi makes it even more likely to reach the bad levels that we[Ghanaians] already think it is”

“Even if you say that the cedi is going to depreciate, I will ask that you put a figure to it,” he stated.

At the beginning of 2014, the Presiding Bishop and General Overseer of the Christian Action Faith Ministries, Archbishop Williams led his congregation to pray for the cedi.

“…I hold up the cedi with prayer and I command the cedi to recover and I declare the cedi will not fall; it will not fall any further. I command the cedi to climb. I command the resurrection of the cedi. I command and release a miracle for the economy,” he declared.

The cedi has been depreciating against major trading currencies.

This compelled the Central Bank to introduce some measures to halt the decline.

The central bank has since revised the rules but the cedi continues to depreciate.

The Cedi has depreciated against the US dollar by about 27 percent.

This is about 24 percent more than what was experienced last year.

Many blame the Bank of Ghana boss for the decline of the cedi with some asking him to resign but Mr. Wampah insists the cedi is not doing as poorly as many claim.

By: Marian Efe Ansah/citifmonline.com/Ghana
Follow @EfeAnsah

The post ‘Don’t talk down at the cedi’ – Wampah to Ghanaians appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, the measures were instituted to serve the best interest of Ghanaians saying, “as a government, we believe that the actions taken by the bank were in the best medium to long interest of the country.”

The President expressed the hope that “the review addresses the unintended implementation flaws and allay whatever fears and anxieties the public in general and the investor community in general have expressed about the measures.”

The Bank of Ghana in a bid to save the cedi from further depreciation introduced new measures to save the cedi.

As part of the measures, the BoG revised rules governing the operations of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).

It ordered authorized dealers not to sell foreign exchange for the credit of FEA or FCA of their customers.

It also stated that cash withdrawals over the counter from FEA and FCA shall only be permitted for travel purposes outside Ghana and shall not exceed US$10, 000.00 or its equivalent in convertible foreign currency, per person, per travel.

The measures have however been criticized by sections of the public who say it will not yield the needed results because they were not thorough enough.

But addressing participants at the forum to discuss and address the nation’s current economic challenges, President Mahama said: “Government was aware of the concerns raised by various quarters of the population about the effects of these measures by the Central Bank.”

He further described Ghana’s challenges as complex adding that “there are structural problems that have taken years in some cases decades to manifest.”

He however noted that government has been able to steer the economy to some of the highest growth rates on record.

Supporting his claim, President Mahama said:  “In 2013, growth was a respectable 7.1 percent. That same year, the growth rate for the World Economy was 3.0 percent. The growth rate for emerging economies was 4.7 percent. The growth rate for Sub-Sahara Africa was 4.9 percent and the growth rate for the advanced economies averagely was 1.3 percent.”

The National Economic forum is being held to address challenges facing the economy.

The Forum, under the theme: “Changing the Narrative”, seek to achieve consensus on policies, strategies and measures that are required to accelerate Ghana’s transition from a lower middle income nation to an upper middle income economy.

Participants and major contributors at the forum constituted former finance ministers, former governors of the Bank of Ghana, eminent economists, political parties and parliamentarians.

By: Marian Efe Ansah/citifmonline.com/Ghana

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