Government assures local creditors of AirtelTigo arrangement to settle debt owed Company
The Government of Ghana assures local creditors of AirtelTigo arrangement to setlle debt owned company.
The Minister for Communication and Digitalization, Ursula Owusu Ekuful in today’s news, has given the assurance to all the local creditors of AirtelTigo that the government is committed to ensuring that all payment obligations are met.
This follows a decision that was taken by the government to take over the company after a successful bond with the mother shareholders in last week.
Ursula Owusu Ekuful, the Minister for Communication and Digitalizartion told Joy Business that some commercial loans that were causing weakening to the balance sheet of the company have been forgiven.
Ursula Owusu Ekuful believes this movement will revive other business partners of AirtelTigo in Ghana and beyond.
According to the Minister for Communication, “Indeed some commercial loans have been taken care of by the mother companies of Airtel and Tigo. For instance, the shareholder loans that were advanced to the company have been taken off its books and another facility from Standard Bank as well.”
“Some of these debts were having an effect on the balance sheet of the company. So we believe that this will help them now that it has been taken care of. I will use this opportunity to inform all local creditors of the company that the government will be making an arrangement with the company for all their obligations to be met including individual business partners” she said.
The Government of Ghana last week finalized the agreement to take over AirtelTigo after Millicom and Airtel, there was a notice of their exit from the Ghanaian market sent from the operators of the company.
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