Ghana’s infrastructure sharing market was pioneered by Millicom’s deal with Helios Towers Africa, in which Helios invested $54m for a 60% stake in the joint venture. Vodafone soon closed an operational lease deal with Eaton Towers, to be followed by another joint venture, this time American Tower investing $218.5m for a 51% stake in a joint venture with MTN. SWAP Technologies, with 500 towers, and IHS Africa, with 697 sites, are also active in Ghana.
The Ghanaian market has become the perfect test bed for tower sharing. Ghana is a favorite of international investors due to low political risk, so it’s no surprise that the country has attracted tens of millions of dollars of investment in infracos.
