Government Reveals AirtelTigo’s $200 Million Debt and Mounting Monthly Losses of GHS 20 Million
The Government has revealed the deepening financial troubles at state-owned telecom operator AirtelTigo, which is struggling under a $200 million debt burden while posting monthly losses of approximately GHS 20 million ($1.5 million).
Speaking at a press briefing in Accra on Wednesday, Samuel Nartey George, Minister for Communications, Digital Technology and Innovations, sharply criticised the previous administration’s decision to acquire the telecom provider for a nominal $1, describing the move as “ill-informed, reckless and unpatriotic.”
According to Mr George, the Akufo-Addo administration took control of AirtelTigo in 2020 with an inherited debt of $400 million. While the liabilities have since been restructured to $200 million, the company remains in financial distress. Revenue generation, he said, is insufficient to cover operational costs, further exacerbating liquidity concerns.
AirtelTigo’s operational difficulties are compounded by an outdated infrastructure. Mr George disclosed that the company’s core billing and network systems have not been upgraded in five years, making them increasingly unfit for purpose.
In response, the government has initiated discussions with creditors in a bid to further restructure the debt and stabilise the business. The minister signalled that a new policy framework would soon be announced, aimed at safeguarding jobs and outlining a long-term strategy for the telecom provider’s future.
