MTN Ghana Achieves 32.3% YoY Growth in Service Revenue, Despite Economic Challenges

Published On: August 28, 2023Company: MTN Ghana (
What are the main economic challenges highlighted in the MTN Ghana 2023 report?
The main challenges include a high inflation rate averaging 46.2%, currency volatility, and regulatory directives leading to the disconnection of 5.4 million unregistered SIMs. Despite these challenges, the company managed to maintain a growth trajectory in its revenues, continue with social and economic development initiatives, and execute on commercial initiatives in alignment with its Ambition 2025 strategy.


  • The macroeconomic environment in Ghana remained challenging in H1 2023, with high inflation rates averaging 46.2%.
  • Despite this, the Ghana cedi relatively stabilized against the US$ helped by lower international crude oil prices and a US$600 million IMF balance support to Ghana.
  • MTN Ghana continued with its Ambition 2025 strategy, focusing on revenue growth and cost efficiencies.
  • The company contributed to social and economic development through initiatives like the construction of a 60-bed maternity and neonatal centre and a STEM robotics lab, expected to be completed in H2 2023.
  • In terms of taxation, MTN Ghana contributed GHS2.7 billion in taxes and GHS228 million in levies and other payments to Governmental agencies in H1 2023.
  • The company’s partnership with AirtelTigo and Vodafone Ghana aimed at achieving universal access and accelerating digitalization is in progress.
  • MTN Ghana reported a YoY growth in service revenue by 32.3%, supported by improvements in network capacity, IT systems, and service delivery.
  • GHS2.2 billion was invested in capex for system enhancement, inclusive of spectrum licenses acquisition and infrastructure deployment.
  • Voice, data, and MoMo revenues all showed significant growth while digital revenue declined as the company executed portfolio rationalization initiatives.
  • EBITDA increased by 29.4%, totaling GHS3.5 billion with an EBITDA margin of 56.1%.
  • Following national regulation, the telecom company disconnected 5.4 million unregistered SIMs, resulting in a decline in the number of subscribers.
  • In line with localization, MTN Ghana achieved 25% localization of Scancom PLC by Q1 2023, which fell to 23.2% by H1 2023 due to shareholders opting for Scrip dividends.

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About MTN Ghana (

MTN Ghana is the leading provider of mobile telecommunications services in Ghana. The Company has over 17.83 million subscribers with a market share of approximately 55.09% as at December 2017. MTN Ghana, in line with its vision and mission, continues to lead the delivery of a bold new Digital World to customers and to make their lives a whole lot brighter. MTN Ghana is listed on the Ghana Stock Exchange

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