• Rektron and Afritel plan to buy 60% stake in state-owned telecom operator AT

• Deal aims to revive AT’s performance and expand network coverage

• Market share fell to 7.89% in 2024; operator faces $342M in debt

Canadian firm Rektron Group plans to acquire a 60% stake in Ghana’s telecom operator AT, partnering with local company Afritel. The announcement, made on June 4, follows a memorandum of understanding signed with the government on May 21. The deal, if finalized, could help revitalize the struggling operator and improve its competitiveness in line with national objectives.

AT, formerly AirtelTigo, has faced challenges since its 2021 nationalization, losing market share to dominant players MTN and Telecel. According to the National Communications Authority (NCA), AT’s market share dropped from 25.82% in October 2018 to 7.89% by December 2024. MTN and Telecel held 73.96% and 18.14% respectively.

The planned acquisition seeks to reverse this decline. Afritel president Nana Richmond Aggrey stated that Rektron will bring global best practices, targeted investments, and next-generation infrastructure to enhance service quality, expand coverage, and lower mobile data costs. The goal is to provide fast, reliable, and affordable connectivity nationwide, particularly in underserved areas.

Minister of Communications, Digital Technology and Innovation Samuel Nartey George confirmed that a roadmap is in place to reposition AT as a viable telecom operator supporting Ghana’s digital economy. The government, which owns AT outright, has approved the Rektron-Afritel initiative as part of broader efforts to strengthen the sector.

AT also faces significant financial strain, with debts reaching 3.5 billion cedis ($342 million) as of March 2024. Rektron emphasized that the transaction is subject to several conditions, including due diligence, final financial terms, and regulatory approval. There is no guarantee the deal will be completed.

In a previous effort to revive the company, AT signed a joint venture agreement in November 2023 with British firm Hannam Investments to modernize infrastructure. However, the current status of that agreement remains unclear.