Ghana’s state-owned telecommunications company, AirtelTigo, is in the grip of a deepening financial crisis, hemorrhaging GH₵20 million monthly and burdened with a restructured debt portfolio exceeding $200 million, according to a stark revelation by the Minister for Communications, Digital Technology and Innovations, Samuel Nartey George.
Speaking at a press briefing in Accra on Wednesday, the Minister issued a scathing critique of the previous administration’s 2020 decision to acquire AirtelTigo for a symbolic $1, branding the move “reckless, ill-informed, and unpatriotic.” He noted that the acquisition saddled the government with a staggering $400 million in liabilities at the time, with little due diligence conducted prior to the deal.
“Today, what we have is a company in critical condition — obsolete infrastructure, unsustainable operating costs, and systems that haven’t seen an upgrade in five years,” George remarked.
Despite a partial restructuring that has halved the debt to $200 million, AirtelTigo continues to post consistent operational losses, draining approximately GH₵20 million from public coffers every month. George revealed that the telecom provider’s revenue streams are insufficient to meet its running costs, a red flag that underscores the urgent need for systemic reform.
In a particularly damning assessment, the Minister pointed to the company’s outdated core billing and network architecture as major impediments to competitiveness and efficiency in an increasingly tech-driven sector.
With the clock ticking, the Ministry has initiated negotiations with key creditors in a bid to further reduce the company’s debt exposure and keep it afloat. George assured stakeholders that a new strategic policy framework is in the pipeline, one that aims to stabilize operations, safeguard employee livelihoods, and reposition the company for long-term viability.
“As stewards of public trust, we cannot continue to pour resources into a bottomless pit. AirtelTigo must be restructured, revitalized, or risk becoming a cautionary tale of failed state enterprise management,” he concluded.
The impending policy announcement is expected to lay the groundwork for a dramatic turnaround, potentially involving public-private partnerships, infrastructure modernization, and a robust digital strategy to re-engage customers and restore market confidence.
