MTN Ghana has reported robust performance for the nine months ending September 30, 2024, driven by significant growth in its digital and financial services.
Despite macroeconomic pressures, including currency depreciation and high inflation, the company achieved a 32 percent year-on-year (YoY) increase in service revenue, totalling GH₵12.7 billion. MTN’s strategic focus on digital expansion and local market investment helped bolster revenue and support Ghana’s digital economy.
“We are proud of MTN Ghana’s resilience in this challenging economic environment,” said CEO Stephen Blewett. “Our commitment to connecting communities and advancing fintech solutions has driven substantial growth, allowing us to meet rising digital demands.”
Key financial highlights
Subscriber growth: According to the report, MTN Ghana’s mobile subscribers increased by 10.8 percent to 28.6 million, while active data users rose by 17.3 percent to 17 million, indicating strong demand for digital services. The Mobile Money (MoMo) service also saw an 18.1% increase in active users, reaching 17 million.
Revenue surge: Total revenue for the period reached GH₵12.77 billion, up 31.9 percent year-on-year (YoY). The data segment led this growth, with data revenue surging by 53.4 percent YoY to GH₵6.3 billion, reflecting higher demand for digital services. Meanwhile, MoMo revenue grew by 50.8 percent to GH₵3.1 billion, driven by a 79 percent increase in advanced services.
Profit and EBITDA: Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 32.2 percent to GHS 7.2 billion, and the EBITDA margin saw a slight increase to 56.2 percent. Profit after tax increased by 35.5 percent YoY, reaching GH₵3.76 billion.
Taxes: Direct and indirect taxes paid by the company increased by 49.5 percent to GH₵6.1 billion.
Strategic investments
MTN Ghana continued its capital expenditure (capex) drive with GHS 3.7 billion invested to enhance network quality, expand coverage, and improve IT infrastructure. This 29.2 percent increase in capex allowed MTN to strengthen its digital and fintech offerings across the country. Investments in infrastructure support initiatives like the MTN Skills Academy, which aims to equip Ghana’s youth with digital skills, and the MTN MoMo Market, an e-commerce platform for Micro, Small, and Medium Enterprises (MSMEs).
In addition, the MTN Ghana Foundation awarded scholarships to 200 students, with an emphasis on STEM fields, and provided digital skills training to 100,000 young people. “This investment in youth and technology is essential for Ghana’s future,” noted Blewett. “We’re not just building a network; we’re building a stronger community.”
Regulatory Compliance and Outlook
MTN Ghana increased its local ownership to 30 percent in line with localisation regulations, demonstrating its commitment to Ghana’s regulatory environment. The company paid GH₵6.1 billion in taxes and GH₵455.9 million in fees, representing 51 percent of its total revenue, contributing significantly to Ghana’s economy.
Looking ahead, MTN Ghana aims to maintain revenue growth in the high twenties percentage range, focusing on efficiency and expansion in response to persistent inflation and currency volatility.
