AirtelTigo’s $1 sale sparks outrage: Minister reveals GHS 3.5 billion debt

Minister for Communications, Digital Technology, and Innovations, Samuel Nartey George, has issued a strong rebuke against those responsible for the acquisition of AirtelTigo, labeling them as “enemies of the state” who acted without patriotism.

Addressing journalists in Parliament, he criticized the decision to purchase the struggling telecommunications company for just one dollar, only to later uncover significant financial liabilities.

“Those who managed the AirtelTigo process are enemies of our state and individuals with no sense of patriotism," he stated.

He further revealed that despite the seemingly minimal purchase price, the government has now been presented with a massive debt obligation.

“So for anybody to have told us that they bought AirtelTigo for 1 dollar, and now that we have taken over the ministry, ATC (American Tower Company), just one of the companies AirtelTigo owes, has presented us with a bill of 1.5 billion Ghana Cedis,” he disclosed.

The minister also shared insights from discussions with officials from the American Embassy, who highlighted the true scale of AirtelTigo’s financial troubles.

“The American Embassy, along with their team, was in my office, and one of the major issues raised was the indebtedness to ATC. The debt sitting on the books of AirtelTigo exceeds 3.5 billion Ghana Cedis," he revealed.

He questioned how the government would manage the growing financial burden left behind by the acquisition.

“So if someone told you that they bought it for 1 dollar, who is going to pay the 1.3 billion that is sitting there and accumulating interest?” he asked.

The revelation has sparked fresh concerns about the financial implications of the acquisition and the potential impact on the country’s economy.