{"id":12743,"date":"2012-05-17T11:14:19","date_gmt":"2012-05-17T09:14:19","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=12743"},"modified":"2012-05-17T13:18:26","modified_gmt":"2012-05-17T11:18:26","slug":"mtn-injects-276-million-into-ghana-network","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/12743\/mtn-injects-276-million-into-ghana-network\/","title":{"rendered":"MTN injects $276 million into Ghana network"},"content":{"rendered":"

The Ghanaian subsidiary of South African mobile telecom group MTN<\/a> has raised a syndicated loan worth $276 million at current exchange rates to finance network expansion, its director said on Wednesday.<\/p>\n

MTN Ghana managing director Michael Ikpoki<\/a> told Reuters that some 16 local banks, led by Stanbic Bank Ghana would provide 410 million cedis, in addition to $60 million from four foreign banks.<\/p>\n

“It was a successful syndication – the first of its kind and proof that we do not have to be always looking outside to raise funds for investments,” Ikpoki said after a signing ceremony.<\/p>\n

He said the cedi syndication was oversubscribed by 35 percent while the dollar counterpart was oversubscribed by more than 90 percent.<\/p>\n

He said the funds would be used to upgrade the entire network to 3G and above.<\/p>\n

MTN is the leading mobile network operator in Ghana with its subscriber base hitting 10 million in January.<\/p>\n

Other networks include Britain’s Vodafone<\/a> with about 4.2 million, Millicom International Cellular’s Tigo with nearly 4.1 million and India’s Bhati Airtel<\/a> which has 2.5 million.<\/p>\n

The rest are Sudan’s Sudatel Expresso with less than 200,000 subscribers and Nigeria’s Globacom which launched last month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ghanaian subsidiary of South African mobile telecom group MTN has raised a syndicated loan worth $276 million at current exchange rates to finance network expansion, its director said on Wednesday.<\/p>\n","protected":false},"author":7,"featured_media":8378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[25,28,2848],"class_list":["post-12743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-active","tag-mtn","tag-mtn-ghana"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/12743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=12743"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/12743\/revisions"}],"predecessor-version":[{"id":12745,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/12743\/revisions\/12745"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/8378"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=12743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=12743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=12743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}