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Another BIG move by Mukesh Ambani, set to provide some help for debt-ridden Ghana as Reliance Jio...
This move comes at a critical time, as Ghana’s economy is gradually recovering from a debt crisis
Updated : Nov 02, 2024, 11:41 AM IST
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Ghana is taking a major step to expand internet access and boost its economy by launching a new high-speed 5G broadband network, backed by billionaire Mukesh Ambani.
Inspired by Ambani’s Reliance Jio in India, which transformed India’s telecom industry with affordable data and free calls, NGIC aims to replicate this success in Ghana. By introducing low-cost high-speed internet, Ghana hopes to make data more affordable, encourage business growth beyond big cities, and create new economic opportunities across the country.
According to reports, this 5G network comes at a critical time, as Ghana’s economy is gradually recovering from a debt crisis. In July, President Nana Akufo-Addo introduced a $8.2 billion cedi program to provide affordable loans to small and medium-sized businesses, which account for 70% of the country’s GDP. Ghana’s economy grew by 6.9% in the second quarter of 2024, largely due to the mining sector, but it has not yet reached pre-pandemic growth rates of at least 6%.
NGIC acquired the exclusive rights to provide 5G in Ghana for $125 million, with all other telecom operators required to lease services from them. The project is supported by Radisys Corp., a unit of Ambani’s Reliance Industries, along with other partners like Nokia, Tech Mahindra, and Microsoft.
Ghana, with internet penetration at around 70%, aims to close this gap within the next six years. The government believes this new network will help bridge that divide and drive economic transformation throughout the country.
