‘AirtelTigo on life support’ – Sam George reveals mounting losses, $200m debt

Communication Minister Sam George has raised concerns about the dire state of AirtelTigo, revealing that the state-owned telecom operator is haemorrhaging cash and saddled with an unsustainable debt burden of over $200 million.

“What the previous government did was nothing short of economic sabotage,” the Minister declared during his quarterly ministerial update on Wednesday, April 9.

“They acquired a sinking ship, and instead of fixing the leaks, they simply rebranded it AT and hoped for the best.”

According to Sam George, the erstwhile government acquired AirtelTigo for a symbolic $1, but concealed the company’s massive debt portfolio.

“When the company was bought, its debt portfolio stood at $400 million, and its revenues could not meet monthly overheads,” he revealed.

“The core and billing platforms had reached the end of life. Bharti Airtel and Millicom (Tigo) had failed to make any meaningful investments over the past five years.”

Now fully owned by the government, the company continues to bleed financially.

“Today, after a debt restructuring arrangement, the debt portfolio sits at about $200 million, rising as the company makes a monthly operating loss of GH¢20 million,” Sam George said.

He minced no words in describing the takeover as “ill-informed and reckless,” accusing the previous administration of acting against the public interest.

To avert a complete collapse, the Ministry is initiating urgent debt negotiations.

“The bleeding needs to be triaged,” George said.

“Urgent steps are underway to engage the company’s creditors in negotiating haircuts to ensure the company’s viability.”

He added that the Ministry will soon announce a comprehensive policy direction regarding the company’s future.

“I will be updating the nation in the course of this quarter on the policy directions the Ministry would be taking as a sole shareholder to ensure the security of the jobs of employees and the long-term survival of the business.”

The revelation comes at a time when the government is tightening its grip on the telecom sector, with plans to enforce stricter quality-of-service standards, push down data costs, and modernise infrastructure.

But Sam George’s remarks on AirtelTigo mark the starkest warning yet of what he called “a state-sanctioned misadventure into telecom management.”

“Ghanaians deserve better,” he concluded. “And this Ministry is committed to delivering just that.”

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