The Minority in Parliament has expressed serious concern over the proposed takeover of AT Ghana (formerly AirtelTigo) by Telecel Group, describing the transaction as “lacking transparency” and “questionable in intent.”
At a press briefing on Wednesday, October 15, the Ranking Member of Parliament’s Communications Committee, Matthew Nyindam, accused the Minister of Communications and Digitalisation, Samuel George, of managing the deal “in secrecy and with conflicting interests.”
According to Mr Nyindam, the government allegedly turned down a $150 million investment proposal from Rektron/Afritel in favour of a deal with Telecel that offers significantly less value. He warned that this decision could jeopardise Ghana’s only fully state-owned telecommunications company.
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Mr Nyindam said:
The management of this transaction lacks transparency and direction. It is riddled with inconsistencies and self-interest, and risks handing over a vital national asset to a private foreign entity without proper accountability.
He further claimed that Rektron’s proposal included more than the initial $150 million capital injection, outlining a broader long-term investment commitment of up to $1 billion to modernise AT’s infrastructure, expand its network, and enhance 4G and 5G capacity over five years.
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“How do you reject a $150 million investment plan with a billion-dollar expansion proposal for a deal that brings only $50 million?” Mr Nyindam questioned.
The Minority also accused the Minister of causing financial losses to AT Ghana through mismanagement and failure to fulfil contractual obligations.
We have established that the Minister of Communications and Digitalisation failed to honour a $5 million payment obligation to the American Tower Company (ATC), a key service provider to AT.
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Mr Nyindam alleged that as a result of the non-payment, several tower sites were shut down in September, forcing AT customers to roam on Telecel’s network and causing an estimated GH¢7 million revenue loss within that month.
He further criticised the Minister for allegedly backtracking on commitments made to AT staff and management regarding investment partnerships. He asserted:
After announcing a deal with Rektron/Afritel and appointing KPMG as transaction advisors, the Minister suddenly switched to a merger plan with Telecel without consultation or justification. Why announce a merger publicly, only to withdraw it later? The secrecy surrounding this deal raises serious questions about what is being concealed.
The Minority has therefore called for:
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An immediate suspension of the ongoing restructuring or consolidation process.
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A comprehensive parliamentary inquiry into the circumstances of the transaction.
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Full disclosure of all related agreements, correspondence, and advisory reports.
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Release of transactional advice, including recommendations from AFROTEX/Rektron on the “highest and best use” of AT Ghana;
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A thorough financial assessment of AT Ghana to determine its debt levels and resolve the impasse that led to service disruptions.
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The group maintained that the Telecel takeover, as it stands, is not in the best interest of Ghana and could compromise national assets without adequate transparency or due diligence.
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