Cote d’Ivoire government to sell down stake in telco

The government of the Ivory Coast is planning a swathe of privatisations that also includes Cote d’Ivoire Telecom.

In total, some 15 companies will see stakes sold in an effort to reduce the national debt, as well as introduce competition into some markets.

The sale is expected to take place within the next few months, and shares will be listed on the local stock exchange.

President Alassane Ouattara told Reuters in an interview this month that he was "in a hurry for it (the sell-off) to be finished."

The government currently owns just under half of Cote d’Ivoire Telecom and is expected to reduce its stake by 28 per cent; raising around CFA4.3 billion (US$9 million). The majority owner with 51 per cent is Orange, with a fraction of a per cent held by the employees.

The company recently agreed to outsource its tower operations to IHS, although it retains ownership of the infrastructure.