AirtelTigo debt portfolio stands at $200m – Sam George

The Minister of Communication, Digital Technology, and Innovation, Samuel Nartey George, has disclosed that AT’s debt portfolio is now at $200 million after working out a new debt plan.

In his words, the company continues to encounter financial difficulties, with monthly operating losses totaling GHS20 million.

Giving a statement to the press in Accra on Wednesday, April 9, Sam George highlighted the urgent need for effective resolution, stating that measures are being taken to reduce debt obligations with creditors to make sure AT stays in business.

The Minister of Communication, Digital Technology, and Innovation, voiced concerns about the preceding  government’s acquisition of Airtel Tigo, now known as, for a reported purchase price of $1.

he said the decision was as “ill-informed and reckless,” emphasizing that the company maintained a liability portfolio of $400 million at the time of acquisition and insufficient revenue streams to cover its indirect costs.

Sam George also  drew to attention that the core and dealing platforms were at the end of their product lifecycle, with no essential funding provided by the earlier operators of Tigo, in the past  five years.

He stated that “The previous government acquired Airtel Tigo and rebranded it as AT with a reported purchase of $1. Nothing could have been more disingenuous and unpatriotic. When the company was bought its debt portfolio stood at $400million and its revenues could not meet its monthly overheads.”

“The main platform ave reached the end of life and both Bharti and milicom which operated Tigo had not made significant investment in both companies for the past five years.

“The step to take control at the time can best be labeled as misguided and irresponsible. It was a failure to assume responsibility by the existing leadership administrationand minister in the nation interest of Ghana”

“After a debt restructuring arrangement, the debt portfolio at AT sits at about $200million, rising every month as the company makes a monthly operating loss of GHS20million.

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