Ghana has granted Vodafone International Holdings (VOD.L) approval to sell its 70% stake in Vodafone Ghana to Telecel Group, the country's telecoms regulator said.

Telecel is using the stake as part of an expansion drive into this part of Africa and could potentially provide much-needed investment in the country. Ghana, which lost access to the international capital markets due to its ballooning debt and loan-service costs, suspended interest payments on its external debt last month. The nation is trying to restructure its obligations to finalize a $3 billion bailout from the International Monetary Fund.

Vodafone Ghana had submitted an initial sale plan to the NCA early last year, but it did not meet regulatory requirements. The NCA said that the revised proposal provided more clarity on the funding required for the transaction and thus met the regulatory threshold.

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