Rektron Renews $150M Bid to Acquire AT Ghana and Revive Struggling Telecom Sector

Canadian investment firm Rektron Group Incorporated has formally reaffirmed its interest in acquiring a 60% controlling stake in AT Ghana, pledging a $150 million capital injection to revitalise the debt-ridden telecom operator. The offer includes a robust recovery blueprint that Rektron says has been independently reviewed and validated, and is aimed at stabilising the company and strengthening Ghana’s telecom industry.

The renewed bid follows a Memorandum of Understanding (MoU) signed between Rektron and the Government of Ghana in May 2025. If approved, it would mark one of the largest foreign direct investments in Ghana’s telecommunications sector in recent years.

AT Ghana, formerly AirtelTigo, has been in financial distress for several years. Burdened by over $150 million in liabilities, the company has steadily lost market share to rivals MTN Ghana and Telecel. Analysts have warned that without strategic intervention, the operator risks complete market exit a move that could harm competition and consumer choice.

Rektron’s offer is significant not only for its size but also for its timing. Ghana’s telecom sector, a vital enabler of digital inclusion and economic development, is at a critical juncture. Improved services, broader network coverage, and competitive pricing are needed to meet growing demand for mobile data and digital services.

In an official statement, Rektron CEO Atanas Kolarov emphasised that the acquisition plan is part of a long-term strategic commitment, not a speculative venture. According to the company, its proposal includes a “comprehensive and financially sound turnaround strategy” anchored on debt resolution, infrastructure upgrades, workforce development, and local partnerships.

Key Components of Rektron’s Plan:

• Debt Restructuring: Rektron has initiated negotiations with AT Ghana’s major creditors and claims to have secured preliminary support for a softer repayment plan. The objective is to clear legacy debt and restore financial health.
• Capital Injection: The proposed $150 million includes a combination of cash investments, credit lines, and performance guarantees. These funds will be used to improve AT Ghana’s infrastructure, enhance network reliability, and support service expansion in rural and underserved areas.
• Job Security and Training: Rektron has pledged not to lay off existing full-time or contract staff. Instead, it plans to invest in employee training and upskilling, focusing on emerging telecom technologies and international best practices.
• Local Partnerships: The group will collaborate with Ghanaian technology firms including Afritel Ghana and K-NET to ensure localisation, capacity building, and job creation within the country.

Rektron confirmed that KPMG, a globally recognised auditing and advisory firm, conducted an independent validation of its turnaround blueprint. The assessment reportedly confirmed the financial viability of Rektron’s approach, including the projected timelines for return to profitability and customer growth.

The company has also indicated its willingness to engage with the Government of Ghana, the National Communications Authority (NCA), and other regulators to secure the necessary approvals. Rektron stated:

“We are prepared to meet with government representatives at any time to progress discussions and demonstrate our long-term commitment to Ghana’s telecom future.”

The State of Ghana’s Telecom Industry

Ghana’s telecommunications market is one of the most active in West Africa, but it is heavily skewed in favour of a single operator. MTN Ghana currently holds approximately 63% of mobile subscriptions, with Telecel Ghana and AT Ghana sharing the remainder.

According to the National Communications Authority (NCA), Ghana had over 44 million mobile voice subscribers and 26 million mobile data users as of Q2 2025. However, internet penetration remains uneven, with rural and low-income communities still experiencing limited access.

This imbalance has led to repeated calls for policies that encourage competition and improve infrastructure investments across all regions. Rektron’s planned acquisition is being viewed by some industry experts as a potential catalyst for such changes.

A Look at AT Ghana’s Decline

AT Ghana was formed in 2017 through the merger of Airtel Ghana and Tigo Ghana, and was later taken over by the Government of Ghana in 2021 after years of financial turbulence. Despite efforts to revive the business under public management, the company has struggled to regain its footing.

Internal reports cited in 2024 noted persistent cash flow challenges, weak infrastructure investment, and customer churn as key issues. The company’s subscriber base declined by more than 25% between 2021 and 2024, largely due to service disruptions and limited network coverage.

Reactions from local stakeholders have been cautiously optimistic. Labour unions have welcomed Rektron’s assurance of job retention, while consumer advocacy groups are pushing for service improvements and affordability.

Telecom analyst Kwame Boakye from the University of Ghana Business School said:

“This deal, if successful, could rebalance the telecom sector. The key is sustained investment and strong regulatory oversight to ensure commitments are honoured.”

Before the acquisition can proceed, Rektron’s proposal must secure approval from Ghana’s regulatory authorities, including the Ministry of Communications and the NCA. The company must also finalise debt restructuring arrangements with AT Ghana’s current creditors.

Government sources have not yet publicly commented on the latest offer but are expected to review the proposal in the coming weeks

Rektron’s $150 million proposal represents a high-stakes opportunity for AT Ghana to recover from years of financial and operational decline. If implemented effectively, the deal could not only stabilise the company but also reinvigorate competition, enhance service delivery, and drive digital inclusion across the country. However, its success will depend heavily on regulatory approval, transparent execution, and long-term investor commitment.

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