Can the AT Ghana Telecel Merger Break MTN’s Grip on Ghana’s Mobile Subscribers?
Why the merger of AT Ghana and Telecel could reshape the balance of power in Ghana’s telecom market
Ghana’s telecom market is bracing for a major shake-up as the government pushes forward with plans for the AT Ghana Telecel merger, a move designed to counter MTN’s overwhelming dominance. The deal brings together two smaller operators that have struggled to gain ground against the market leader, but together they hope to form a more resilient competitor. At stake is not only the survival of AT—long burdened by financial losses—but also the creation of a second force strong enough to balance a sector where MTN currently commands nearly three-quarters of all mobile subscribers. For policymakers, the merger represents more than just corporate restructuring; it is a strategic attempt to restore competition, attract investment, and ensure that Ghana’s digital economy does not rest in the hands of a single operator.
Why the AT Ghana Telecel Merger Matters
AT Ghana has been struggling financially for years. Between January and August 2025 alone, it recorded losses of more than US $10 million. Over five years, cumulative losses reached GH¢2.7 billion, while debt ballooned to GH¢3.6 billion—far exceeding its equity base of GH¢2.8 billion.
Communications Minister Samuel Nartey George argued that public funds can no longer sustain the failing operator. “It makes no sense for two networks to operate separately on the same tower, both paying twice while both struggle. A merger is the smart and sustainable choice,” he said.
Three-Phase Rollout
The AT Ghana Telecel merger will be rolled out in three stages:
- Technical Migration – Over 3.2 million AT subscribers are being migrated to Telecel’s network via national roaming, with a reported 98% seamless transition.
- Human Resource Integration – Around 300 AT employees will be retained under the new entity, keeping contracts intact unless individuals choose to exit.
- Commercial Restructuring – A new operating structure will be finalized within 120 days, aligning the business for long-term competitiveness.
Market Share Snapshot
The consolidation positions the new entity as a more formidable competitor to MTN. Prior to the merger, MTN Ghana commanded nearly 74% of the market with 29.5 million subscribers, while Telecel had 7.2 million and AT 3.2 million. Once merged, the combined Telecel-AT network will control roughly 10.4 million subscribers, or 26% of the market, providing a stronger alternative in a sector long dominated by a single player.
Here’s how Ghana’s telecom market looks before and after the merger:
| Operator | Subscribers (June 2025) | Market Share (Pre-Merger) | Market Share (Post-Merger) |
|---|---|---|---|
| MTN Ghana | ~29.5 million | 73.8% | 73.8% |
| Telecel Ghana | ~7.2 million | 18.0% | — |
| AT Ghana | ~3.2 million | 7.8% | — |
| Telecel + AT | ~10.4 million combined | — | 26.1% |
Post-merger, the new Telecel-AT entity will control more than 10 million subscribers, giving it roughly 26% market share—a stronger second force against MTN’s dominance.
Financing the Reinvented Operator
Bringing the merged operator to operational strength will require US $600 million over four years. Funding is expected to come from government contributions through spectrum sales, reinvestment by Telecel and its partners, and potentially private-sector investors or infrastructure funds looking to capitalize on Ghana’s growing digital economy.
What the Merger Means for the Future
The AT Ghana Telecel merger represents more than a financial rescue; it is a strategic play to rebalance Ghana’s telecom sector. If implemented effectively, the merger could bring tangible benefits to subscribers, including improved connectivity in rural areas, faster data speeds, and more competitive pricing. The success of these initiatives will depend on the merged operator’s commitment to upgrading infrastructure and streamlining operations.
Investors are watching closely. With a substantial reinvestment plan and government backing, the merger could attract private-sector capital and infrastructure funds, offering a foothold in Ghana’s high-growth telecom market. For policymakers, the consolidation provides an opportunity to test whether state-supported mergers can create genuine market competition without crowding out private enterprise.
MTN Ghana remains a formidable presence, holding nearly three-quarters of subscribers and planning USD 1 billion in network investments by 2026. Yet the emergence of a stronger Telecel-AT could compel the market leader to reconsider pricing, bundles, and service strategies, potentially benefiting consumers. The next four years will be a critical period for assessing whether this merger is a turning point in Ghana’s telecom landscape or a temporary counterweight to MTN’s dominance.
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