Ghana Telecommunications Report Q1 2014 - New Study Released

Ghana's mobile market recorded significantly slower growth in 9M13 compared to the same period in 2011 and 2012, a sign of increasing market saturation with the mobile penetration rate now above 100%. Although there are considerable new subscriber growth opportunities in rural areas, we expect the mobile operators to pursue value growth by expanding their data and other non-voice service offerings in urban areas in order to offset the sluggish revenue growth from traditional voice services. Meanwhile, the country's fixed-line sector will continue to underperform in the short to medium term owing to lack of competition and limited investment in network infrastructure development.

Key Data

* The Ghanaian mobile market grew by 2% q-o-q in Q313, compared with 2.1% in the previous quarter and 6.5% a year earlier.
* Mobile ARPU contracted by 5% in Q313, reflecting continued fierce competition in the mobile market.
* The fixed-line market contracted by 1.1% q-o-q in Q313.

Full Report Details at
- http://www.fastmr.com/prod/754726_ghana_telecommunications_report_q1_2014.aspx?afid=301

Risk/Reward Ratings

Ghana climbs one place to fifth position on BMI's Risk/Reward ratings table this quarter, behind Nigeria, Angola, South Africa and Gabon. Ghana scores above the regional average in all four of our ratings categories. The country's lowest rating is in the Industry Rewards category where it is held back by increasing market saturation and strong downward pressure on ARPUs despite the rapid uptake of mobile data services.

Key Trends And Developments

Vodafone Ghana has lost a long-running legal battle with local vendor International Rom. In November 2013, the commercial division of the High Court in Accra ordered the operator to settle a debt of over US $11mn in overdue bills and accumulated interest to the Tema-based vendor. International Rom filed a lawsuit against Vodafone in 2009 for illegally terminating a number of agreements signed in 2003 for the provision of complete turnkey services and refusing to pay the outstanding bills. On May 15 2013, the court awarded the judgement debt against Vodafone, however, the operator filed several stay of executions in relation to the debts, but its latest application, filed on November 5, was rejected, paving the way for International Rom to secure a garnishee order against Vodafone.

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