Samuel Nartey George, Minister of Communication, Digital Technology, and Innovation, has disclosed that AT remains burdened with heavy debts.
He revealed that the company incurs a monthly operating loss of GHS20 million.
According to the Minister, AT’s current debt portfolio stands at $200 million, following a debt restructuring arrangement.
Sam George stressed that the company continues to face serious financial difficulties, with losses amounting to GHS20 million each month.
Speaking to the press in Accra on Wednesday, April 9, he emphasized the urgent need for intervention, noting that the government is currently in talks with creditors to negotiate haircuts aimed at making the company viable.
He criticized the previous administration’s acquisition of Airtel Tigo—now known as AT—for a symbolic $1, describing the move as “ill-informed and reckless.”
At the time of acquisition, the company reportedly carried a debt of $400 million and lacked the revenue capacity to meet its operational costs.
He further noted that the company’s core and transaction platforms had become outdated, with no substantial investment made by the former operators over the previous five years.
“The previous government acquired Airtel Tigo and rebranded it as AT with a reported purchase of $1. Nothing could have been more disingenuous and unpatriotic. When the company was bought its debt portfolio stood at $400million and its revenues could not meet its monthly overheads.
“The core and dealing platforms have reached the end of life and both Bharti and milicom which operated Tigo had failed to make any meaningful investments in both companies over the preceding five years.
“The decision to step in at the time can best be described as ill-informed and reckless. It was an abdication of responsibility by the then administration and minister to the best interest of Ghana.”
“…Today after a debt restructuring arrangement, the debt portfolio at AT sits at about $200million, rising every month as the company makes a monthly operating loss of GHS20million.
“The bleeding needs to be thrashed and urgent steps are underway to engage the company’s creditors in negotiating haircuts to ensure the company’s viability,” Sam George emphasised.
