Samuel Nartey George, the Minister for Communication, Digital Technology, and Innovation, has announced that the government will soon introduce policy measures to protect jobs and ensure the long-term sustainability of telecommunications company AT.
Speaking to the media in Accra on Wednesday, April 9, Sam George reaffirmed the government’s commitment to addressing AT’s financial issues and stabilizing its operations. “I will provide an update this quarter on the policy directions the ministry will take as the sole shareholder to secure employees’ jobs and ensure the business’s long-term survival,” he stated.
AT is currently facing a debt of $200 million despite undergoing a debt restructuring, and it is incurring monthly operating losses of GHS20 million.
The Minister highlighted the need for debt “haircuts” with creditors to reduce financial losses and aid the company’s recovery.
He also criticized the previous administration’s acquisition of AirtelTigo—now rebranded as AT—calling the deal, made for a symbolic $1, “ill-informed and reckless.”
At the time of the acquisition, AT was burdened with a $400 million debt and lacked sufficient revenue to cover its monthly expenses.
Sam George further pointed out that the company’s core systems and trading platforms were outdated, and its former owners, Bharti Airtel and Millicom, failed to make significant investments during their last five years of ownership.
