A UK-based private equity firm, Hannam Investments has signed a joint agreement with Ghana telecoms company AT Ghana.
Background
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’re Saying
Minister of Communication and Digitalisation, Ursula Owusu-Ekuful, assured workers of AT that, “The agreement aligns with the Ministry’s mission to facilitate the development of reliable and cost-effective world-class communications infrastructure and services”.
AT’s CEO, Leo Skarlatos expressed his excitement about the joint venture, stating, “This is a significant milestone for AT. With Hannam Investments’ support, we are well-positioned to provide cutting-edge telecommunication solutions, compete on a global scale, and contribute to the development of our workforce and nation.”
Mr. IC Hannam and James Bell of Hannam Investments, stated, “We are delighted to partner with AT Ghana through this joint venture. This collaboration will bring capital to Ghana thereby producing an investment that will enable technological advancements and the provision of data and services to the end-users which are currently lacking in major parts of the country.
“The JV will make substantial investments to create a new player in the telecom sector. Our aim is to ensure that more people in Ghana have access to the internet and services which are an essential building block of a country and will act as a driver of economic growth and development.
Between The Lines
AT Ghana has been struggling to compete in Ghana’s telecom market space. The telecom company’s mobile money revenue share in 2022 was just 2% with an estimated 390,000 subscribers on its mobile money platform.
There was no mention of how much Hannam Investments had made with its new investment into AT Ghana.
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