Minister of Communication, Digital Technology, and Innovation, Samuel Nartey George, has disclosed that the state’s service provider, AT’s debt portfolio currently stands at a whooping $200 million.
This revelation comes after a debt restructuring arrangement with debtors.
The minister further revealed AT is currently operating at a loss, making monthly losses of Ghc20million.
Addressing the press in Accra, Sam George highlighted the urgency needed to address the debt situation of the company which only seems to be getting worse.
The Minister criticised the previous government’s acquisition of Airtel Tigo, which was rebranded as AT, for a reported purchase price of $1.
According to Sam George, the erstwhile government’s decision to purchase AT was “ill-informed and reckless,” as the company at the time of purchase owed $400 million.
Sam George also pointed out that the core and dealing platforms had reached the end of their lifecycle, with no significant investments made by the former operators of Tigo, in the preceding 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 companies creditors in negotiating haircuts to ensure the company’s viability,” Sam George stated.
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Samuel Nartey George, Minister of Communication, Digital Technology, and Innovation, has revealed that AT’s debt portfolio currently stands at $200 million following a debt restructuring arrangement. #CitiNewsroom pic.twitter.com/WuzC8WyCCW
— CITI FM 97.3 (@Citi973) April 9, 2025
