The Minister of Communications, Digital Technology and Innovation, Samuel Nartey George, has revealed that AT (formerly AirtelTigo)’s debt portfolio currently stands at $200 million following a debt restructuring arrangement.
According to him, the company continues to face financial challenges, with monthly operating losses amounting to GH¢20 million.
Addressing the press in Accra on Wednesday, April 9, 2025 Sam George stressed the need to address the situation, indicating that steps are being taken to negotiate haircuts with creditors to ensure AT’s viability.
He further criticised the previous government’s acquisition of AirtelTigo, which was rebranded as AT, for a reported purchase price of $1.
He described the decision as “ill-informed and reckless,” highlighting that the company had a debt portfolio of $400 million at the time of purchase and lacked sufficient revenue to cover its overhead costs.
“The previous government acquired AirtelTigo 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 $400 million, 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,” he explained.
He added that “Today after a debt restructuring arrangement, the debt portfolio at AT sits at about $200 million, rising every month as the company makes a monthly operating loss of GH¢20 million. 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 stated.
Source: www.ghanaweb.com
