IMANI Africa has raised concerns about Rektron Group’s proposed one billion dollar investment in AirtelTigo, describing the Canadian company’s financial capacity as alarmingly thin and inadequate for a strategic rescue.
The policy think tank released a detailed governance and economic analysis revealing that Rektron, a commodities trading firm, reported 2.5 billion dollars in revenue in 2024 but only 30.5 million dollars in gross profit, representing a 1.2 percent margin.
IMANI noted that Rektron’s equity base of 120.9 million dollars falls far below AT Ghana’s liabilities of GHS 2.71 billion, approximately 225 million dollars. The think tank stated that the company’s promise of one billion dollars was not backed by its own resources.
According to IMANI’s analysis, Rektron’s audited financials show limited liquidity, modest equity, and dependence on external financing. The organization concluded that any acquisition would have required massive borrowing and state guarantees.
The think tank described the Rektron proposal as another example of Ghana prioritizing optics over financial realism, noting that the mismatch between ambition and capacity cast a long shadow over the deal. The acquisition has stalled amid questions about funding sources and feasibility.
IMANI urged government to institute robust financial due diligence frameworks before entertaining future acquisitions, emphasizing that strategic assets cannot be entrusted to firms whose balance sheets cannot sustain their promises.
Neither Rektron Group nor the Ministry of Communications has responded to IMANI’s analysis. The concerns add to ongoing scrutiny of how Ghana evaluates strategic partners in its telecommunications sector.
