Ghana’s Minister of Communication, Digital Technology, and Innovation, Samuel Nartey George, has shed light on the dire financial state of telecommunications company AT (formerly AirtelTigo), revealing a staggering $200 million debt burden even after a restructuring exercise.
Speaking at a press briefing in Accra on Wednesday, April 9, the Minister disclosed that the state-owned telco is currently bleeding GHS20 million in operating losses each month, raising serious concerns about its long-term sustainability.
George did not mince words as he took aim at the previous administration’s controversial decision to acquire AirtelTigo for a symbolic $1, a move he described as “reckless” and “unpatriotic.”
“When the acquisition was made, the company’s debt stood at $400 million, and its revenues couldn’t even cover monthly costs,” he stated. “To make matters worse, the core infrastructure was obsolete, and no significant investments had been made in five years by the previous operators—Bharti Airtel and Millicom.”
The Minister emphasized that urgent negotiations are underway to secure haircuts from creditors in order to reduce the debt and chart a path toward AT’s recovery.
“This hemorrhaging must stop. We are actively working on measures to stabilize the company and make it viable,” he assured.
The revelation comes as government faces growing pressure to ensure state-owned enterprises are run efficiently and accountably, especially in sectors critical to digital transformation.
