The purchase price was initially listed at $900 million but later it was revealed to be less than $267 million.
President John Atta Mills has promised to investigate the controversial deal approved by former President John Agyekum Kufuor which includes terrestrial, mobile and fibre-optic cable networks and an academy known as Ghana Telecom University.
The report recommended a renegotiation of the deal with Vodafone. It also said that "strong allegations were made about bribery and corruption" but the committee did not have the powers and resources to investigate these claims.
In an unrelated scandal, Health Minister George Sipa Yankey and Minister Saidu Amadu resigned over allegations that they accepted bribes from Mabey & Johnson. a British construction company.
M&J, the first firm to be prosecuted in Britain for overseas corruption, was convicted last month for its dealings in Ghana and Jamaica, and ordered to pay more than $7 million in fines.