IMANI Africa has expressed concern about Ghana’s approach to managing strategic partnerships in its telecommunications sector, describing the country’s long struggle to rescue AirtelTigo (AT Ghana) as a “cautionary tale” of speculative deals and weak oversight.
According to IMANI’s latest governance analysis, the revolving door of “strategic partners” — from Hannam Investments through Rektron Group to Telecel Ghana — exposes deeper problems in how the state evaluates and engages investors in vital national infrastructure.
“For nearly a decade, AirtelTigo has been the problem child of Ghana’s telecommunications sector,” IMANI observed.
“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 stewardship.”
IMANI recalled that in 2023, the Ministry of Communications facilitated a joint venture deal between Hannam & Partners and AT Ghana for $150 million, a valuation the think tank described as “a sweetheart deal” given the asset’s national significance.
The transaction, which was never fully financed or executed, left the company even more exposed.
According to them, confidence without credible capacity is no strategy,” IMANI concluded.
“Hannam’s exit left AT weaker, the state more exposed, and the public more sceptical of quick-fix partnerships.”
The think tank called for transparent investor screening and greater parliamentary oversight over future strategic sector transactions, warning that “telecommunications, like extractives and utilities, cannot be a playground for speculative investors.”
