The sector minister stated on Wednesday that since the telecom company AirtelTigo was acquired approximately five years ago, it has been struggling with monthly losses of GH₵20 million and debt over $200 million.
The choice by the previous government to acquire AirtelTigo following a debt restructuring was deemed “ill-informed and unpatriotic” by Mr. Samuel Nartey George, Minister of Communications, Digital Technology, and Innovations.
He claimed that at the time, when AirtelTigo (now AT Ghana) had $400 million in debt, the government led by the New Patriotic Party made a symbolic payment of just $1.
Mr. George criticized the NPP Administration for failing to do adequate due diligence, which left the corporation in a “failing and obsolete” state, at a news conference in Accra.
The business continued to report monthly losses of about GH₵20 million even after the debt was reduced to $200 million.
He said that the state-owned telecom company’s earnings were insufficient to pay for its running costs.
The Minister claimed that AirtelTigo’s main network and billing systems were no longer functional and had not been updated in five years.
In order to lessen the debt load and assist the business in becoming financially sustainable, he indicated that the ministry was negotiating with its creditors.
Mr. George stated that a new policy direction would be unveiled shortly in order to safeguard jobs and set the course for the company’s future development.
Source: newsthemegh.com