From Hannam’s Confidence to Rektron’s Shade and Telecel’s Cushion: Ghana’s Long Search for a Strategic Partner for AT Ghana.-|IMANI

For nearly a decade, AirtelTigo (AT Ghana) has been the problem child of Ghana’s telecommunications sector. Once heralded as a competitive alternative to MTN, the company has instead become a revolving door for “strategic partners”—each promising salvation, each leaving behind deeper questions about credibility, financing, and the state’s stewardship of critical infrastructure. The story of Hannam Investments, Rektron Group, and Telecel Ghana is not just about one company’s decline; it is a cautionary tale about how Ghana engages with investors in its most vital sectors.

Hannam’s Confident Promise (2023)

In late 2023, Hannam & Partners , a UK-based private equity firm led by a former British commando, entered the scene with bold assurances. Facilitated by the Ministry of Communications, Hannam signed a joint venture agreement with AT Ghana, offering to acquire the company for $150m ($26 price per subscriber) —a figure that critics argued grossly undervalued the asset given its national importance. The deal was framed as a strategic partnership that would inject capital, modernize infrastructure, and reposition the brand.

The rhetoric was confident, the optics reassuring. Yet the fundamentals were troubling: the price tag suggested a “sweetheart deal,” and the promised capital commitments were never backed by transparent financing details . Within months, the deal evaporated, leaving AT’s financial haemorrhage unchecked.

The lesson was clear: confidence without credible capacity is no strategy. Hannam’s exit left AT weaker, the state more exposed, and the public more sceptical of quick-fix partnerships in critical sectors.

The 2024 SIGA report paints AT’s dire reality:

• Loss Before Interest & Tax (2024): GHS 784.75m (~US$65m), up from GHS 288.58m in 2023.
• Net Loss: GHS 784.75m, accounting for 99% of the subsector’s losses.
• Liabilities: GHS 2.71b (~US$225m).
• Liquidity: Current ratio 0.06:1 (catastrophic).
• Equity: Negative for three consecutive years.
• Cashflow: Operating cashflow collapsed to 0.00:1 of revenue in 2024.

By every measure, AT Ghana is insolvent. It cannot cover its short-term obligations, has no residual value for shareholders, and is bleeding cash. Without external rescue, it is not a going concern.

Rektron’s Shade (2025)

Two years later, Rektron Group , a Canadian commodities trader, stepped forward with a more concrete offer: $150 million for a 60% stake in AT Ghana , coupled with a $1 billion investment pledge over five years. On paper, this looked like the boldest rescue yet. But a closer look at Rektron’s audited financials by PKF LittleJohn revealed a sobering reality.

• Revenue (2024): $2.5 billion
• Gross Profit: $30.5 million (margin ~1.2%)
• Equity: $120.9 million
• Cash Reserves: $3.3 million

Rektron is a high-volume, razor-thin margin trader. Its balance sheet is dominated by inventories ($201.9m), not free cash. Its equity base is smaller than AT Ghana’s liabilities (GHS 2.71 billion, ~US$249m). Its net profit margin is barely 0.5%.
In short, Rektron’s promise of $1 billion was not backed by its own resources. Any acquisition would have required massive external financing, local partners like Afritel, and likely state guarantees. The mismatch between ambition and capacity cast a long shadow over the deal. Unsurprisingly, the acquisition has since stalled.

Telecel’s Cushion (2025)

While Hannam and Rektron made headlines with promises, it was Telecel Ghana that quietly provided the most tangible intervention. In August 2025, when AT Ghana’s towers were shut down by ATC Ghana over unpaid debts, the National Communications Authority directed the migration of AT’s traffic onto Telecel’s network. From September 1, Telecel began providing national roaming services, ensuring AT’s customers could still make calls and access data.

This was not a flashy acquisition announcement. It was a practical cushion—a stopgap that kept the sector from collapsing. With 30% state ownership, Telecel is now positioned as the natural consolidator. The Minister of Communications has denied a merger or acquisition, but the logic of integration is undeniable. To rival MTN, Ghana needs a strong second operator. Telecel’s operational intervention has already made it the de facto partner

The Way Forward

Telecommunications, like extractives and utilities, is not a playground for speculative investors. It is a backbone of national security, economic competitiveness, and social inclusion. Ghana must therefore:

• Insist on transparency: No more vague promises without disclosed capital commitments.
• Assess liquidity and track record: Entities with thin balance sheets or no sector experience should not be entrusted with strategic assets.
• Prioritize operational credibility: The partner who cushions in crisis (as Telecel has done) is often more valuable than the one who dazzles with billion-dollar pledges.
• Protect state interest: Strategic sectors require partners who can share risk without mortgaging sovereignty.
  Conclusion

The saga of AT Ghana is a mirror of Ghana’s broader governance challenge: the temptation to embrace flashy deals without interrogating fundamentals. Hannam’s confidence, Rektron’s shade, and Telecel’s cushion all point to the same truth — that without credible, well-capitalized, and transparent partners, Ghana’s critical sectors will remain vulnerable.
As a country, we must desist from engaging entities with opaque pasts and liquidity problems in our extractives, utilities, and communications. The cost of repeating these mistakes is not just financial; it is the erosion of public trust in the state’s ability to steward national assets responsibly.

Further reading..

1. Hannam & Partners
2. Bright Simons: Is Ghana selling AirtelTigo for a song to former British Commando? – MyJoyOnline
3. AirtelTigo takeover: Hannam Investments deal yet to receive parliamentary approval – MyJoyOnline
4. https://siga.gov.gh/?jet_download=4e4e991b72e8cdd12e59c2014ec450dc9e7ada17
5. Rektron Group Announces Proposed Strategic Acquisition of Majority Stake in AT Ghana, Anchoring a Presence in Ghana’s Telecommunications Sector – Rektron
6. Rektron Group Announces Proposed Strategic Acquisition of Majority Stake in AT Ghana, Anchoring a Presence in Ghana’s Telecommunications Sector – Rektron
7. Rektron Tables’ $150m Rescue Plan for AT Ghana – Pure TV Online
8. Rektron Group Inc.
9. More Than 3 Million AT Users Moved To Telecel –
10. AT–Telecel deal: “This is not a merger or acquisition” – Sam George – ChannelOne News
11. Telecel dismisses minority’s claims of secret takeover of AT Ghana – Graphic Online
12. Minority raises red flag over Telecel takeover of AT, alleges secret dealings – MyJoyOnline
13. Ghana plans AT, Telecel merger to tackle MTN dominance

Source: IMANI’S Critical Analysis of Governance and Economic Issues, October 20-October 25.