Policy think tank IMANI Africa has raised serious concerns about Rektron Group’s proposed $1 billion investment in AirtelTigo (AT Ghana), describing the Canadian company’s financial capacity as “alarmingly thin” and “inadequate for a strategic rescue.”
In its detailed governance and economic analysis, IMANI revealed that Rektron, a commodities trading firm, reported $2.5 billion in revenue in 2024 but only $30.5 million in gross profit, translating to a razor-thin 1.2% margin.
Its equity base stood at $120.9 million, far below AT Ghana’s liabilities of GHS 2.71 billion (approximately US$225 million).
“Rektron’s promise of $1 billion was not backed by its own resources,” IMANI noted.
“Its audited financials show limited liquidity, modest equity, and dependence on external financing. Any acquisition would have required massive borrowing and state guarantees.”
The think tank described the Rektron proposal as another example of Ghana’s tendency to prioritize optics over financial realism.
“The mismatch between ambition and capacity cast a long shadow over the deal,” IMANI stated, adding that the acquisition has since stalled amid questions about funding sources and feasibility.
IMANI urged the government to institute a robust financial due diligence framework before entertaining any future acquisitions, emphasising that “strategic assets cannot be entrusted to firms whose balance sheets cannot sustain their promises.”
