When Ghana Telecom was privatized eight years ago, Telekom Malaysia seized the opportunity to expand. TM purchased a third of the African telecommunications company for $38 million, and a smaller share three years later, this time for $50 million.
But a new regime came to power in Ghana and refused to allow the Malaysian telecom giant’s second investment. Add a currency devaluation in Ghana, and TM lost upward of $100 million in the investment.
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