Akufo-Addo govt acquisition of Airtel Tigo ill informed, reckless – Sam George

Minister Samuel Nartey George has criticized the previous government's acquisition of Airtel Tigo. The company is now rebranded as AT. He called the move "ill-informed and reckless."

At a press briefing in Accra on April 9, he condemned the reported $1 purchase price. He described it as “disingenuous and unpatriotic.” Sam George stated, “When the company was bought, its debt stood at $400 million.”

He noted that AT's revenues could not cover its monthly expenses. The company's infrastructure was outdated, and previous operators made no significant investments. Bharti and Milicom had operated Tigo for five years without meaningful upgrades.

Sam George argued that the acquisition did not serve Ghana's best interests. He said it reflected a failure of leadership. “The decision to step in can best be described as ill-informed and reckless,” he asserted.

He revealed that after a debt restructuring agreement, AT’s current debt is $200 million. However, the company still faces monthly losses of GHS20 million. “The bleeding needs to be thrashed,” he said.

Urgent steps are underway to negotiate with creditors for haircuts. This aims to ensure the company's viability moving forward.

He reassured the public about the government’s commitment to stabilizing AT and protecting jobs. “I will update the nation this quarter on our policy directions,” Sam George stated.