Controversy is brewing within Ghana’s telecommunications sector as reports emerge that Communications Minister, Samuel Nartey George, has sideline a $150 million investment proposal from Canadian multinational Rektron Group Incorporated, aimed at rescuing the struggling AT Ghana (formerly AirtelTigo).
Instead, industry sources say the Minister is actively pushing a $50 million investment plan linked to Telecel, a move analysts fear could derail Rektron’s comprehensive proposal and ultimately threaten the survival of AT Ghana.
The Rektron deal — anchored in a Memorandum of Understanding (MoU) signed with the Government of Ghana on May 21, 2025 — would see the Canadian conglomerate acquire 60% controlling stake in AT Ghana, backed by a fully funded $150 million package comprising cash, credit lines, and guarantees.
As the company promises to invest a total of $1Billion in the next five years.
The investment, which has been independently reviewed and validated by KPMG, outlines a detailed strategy to stabilise AT Ghana’s operations, restructure its over their debt, and restore the company’s competitiveness through infrastructure upgrades, digital expansion, and workforce retention.
However, despite Rektron’s readiness to inject capital and begin operations immediately, the Communications Ministry — under the direction of Sam George — has reportedly stalled progress on the agreement, choosing instead to pursue a much smaller Telecel proposal, in his interest to offload AT shares to Telecel in a supposed acquisition move which is even yet to be laid before parliament.
Telecom experts and policy observers say this development raises serious questions about the government’s commitment to attracting credible investors and maintaining transparency in this sector and others as well.
“Why would any policymaker reject a $150 million investment that has already cleared financial and operational due diligence, in favour of a $50 million plan?” one telecom analyst asked. “This decision risks crippling AT Ghana and could lead to job losses and reduced competition in the market.”
Rektron, led by CEO Atanas Kolarov, has assured that its acquisition plan would not only keep AT Ghana operational but also protect all existing jobs, expand network coverage, and deliver affordable digital access across Ghana.
The company says it has already secured positive commitments from AT Ghana’s major creditors, who have agreed in principle to a lenient debt restructuring to support the revival plan.
Rektron’s blueprint also involves collaboration with local partners, including Afritel Ghana Limited and K-NET Ghana, to infuse Ghanaian technical expertise and strengthen the company’s local ownership base.
Analysts warn that rejecting Rektron’s offer in favour of a smaller, less comprehensive deal could amount to an indirect attempt to collapse AT Ghana, given the company’s already fragile state.
“The consequences could be disastrous — thousands of workers would be laid off since Telecel doesn’t have the capacity to hold the over 500 AT staff and customers could lose another major telecom operator,” one policy expert cautioned.
As pressure mounts, industry stakeholders are calling for clarity and transparency from the Ministry of Communications and Digitalisation on the competing proposals and the rationale behind favouring a $50 million deal over a $150 million one that has been independently vetted.
So far, neither Sam George nor the Communications Ministry has publicly commented on the Rektron proposal or explained the shift toward Telecel.
For now, the future of AT Ghana hangs in the balance — caught between a fully financed $150 million rescue package and a controversial $50 million alternative that some fear could mark the beginning of its collapse.
