Communications Minister Samuel Nartey George slams $1 acquisition deal as "reckless" as government scrambles to save state-owned telecom giant
The Government of Ghana has disclosed alarming financial challenges facing AirtelTigo, revealing that the state-owned telecom operator is saddled with a $200 million debt and losing approximately GH₵20 million every month.
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| AirtelTigo battles major financial losses as government attributes crisis to previous administration |
Speaking at a press briefing in Accra on Wednesday, April 9, 2025, the Minister for Communications, Digital Technology and Innovations, Samuel Nartey George, sharply criticised the previous administration’s decision to acquire the company for a symbolic $1.
Minister George described the acquisition—executed under the Akufo-Addo administration in 2020—as “ill-informed, reckless and unpatriotic.”
According to him, while the government paid only $1 to take over AirtelTigo, it also inherited a staggering $400 million in liabilities. Although efforts have since brought the debt down to $200 million, the company continues to haemorrhage cash, with monthly losses pegged at GH₵20 million.
“The former government failed to conduct due diligence. What we inherited was a failing and obsolete infrastructure. The deal wasn’t a rescue—it was a trap,” George stated.
George further revealed that AirtelTigo’s core network and billing systems have not been upgraded in over five years, rendering them unfit for modern telecom demands.
He noted that current revenue streams cannot cover basic operational costs, a key factor contributing to the company's ongoing financial hemorrhage.
To address the crisis, the Ministry of Communications is now engaged in negotiations with AirtelTigo’s creditors in an attempt to restructure the remaining debt and keep the company operational.
The Minister assured Ghanaians that a new policy directive will soon be announced, aimed at preserving jobs and setting a new strategic path for the telecom provider’s survival and growth.
“We are committed to saving AirtelTigo—not just for the sake of public investment, but for the jobs and connectivity it provides to Ghanaians.”
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