MTN started a process to sell 35 per cent of its Ghanaian business in a bid to meet conditions set by regulators over its use of 4G spectrum, reported Bloomberg.

Ghana’s director general of the Securities and Exchange Commission Adu Antwi told the publication the company had submitted a prospectus for the sale of shares, with the hope of raising $500 million.

MTN Ghana, the country’s largest operator with 18 million connections according to GSMA Intelligence, needs to make the sale to adhere to conditions it agreed to last year.

The company spent $67.5 million on a 15-year licence to use 4G spectrum in the country, on the grounds that 35 per cent of the business would be owned by Ghanaian investors.

The South Africa-based operator is reportedly approaching wealthy individuals in Ghana over the matter, added a Bloomberg source.