A private equity firm based in the United Kingdom, Hannam Investments signed a joint agreement with the telecommunications company of Ghana IN GHANA.
Record
In November 2017, Airtel and Tigo merged to form AirtelTigo. Then on June 22, 2023 the company announced its new rebrand to AT Ghana.
What they say
Minister of Communication and Digitization, Ursula Owusu-Ekufulassured AT workers that, “The agreement aligns with the Department’s mission to facilitate the development of reliable and cost-effective world-class communications infrastructure and services“.
AT CEO Leon Skarlatos expressed his enthusiasm for the joint venture, stating:This is a major milestone for AT. With the support of Hannam Investments, we are well positioned to provide cutting-edge telecommunications solutions, compete on a global scale and contribute to the development of our workforce and our country.”
Mr. IC Hannam and James Bell of Hannam Investments, stated, “We are delighted to partner with AT Ghana through this joint venture. This partnership will bring capital to Ghana, producing an investment that will enable technological advancement and the provision of data and services to end users that are currently lacking in large parts of the countryy.
“The JV will make significant investments to create a new player in the telecommunications sector. Our goal is to ensure that more people in Ghana have access to the Internet and the services that are a key building block of a country and act as a driver of economic growth and development.
Between the lines
AT Ghana is struggling to compete in the Ghanaian telecommunications market. Telecom company mobile revenue share in 2022 was only 2% with one estimated at 390,000 subscribers to the mobile money platform.
It was not disclosed how much Hannam Investments had made with its new investment in AT Ghana.
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