MTN Ghana’s Service Revenue Surges by 36.0% Despite High Inflation and Macroeconomic Uncertainties

Published On: December 13, 2023Company: MTN Ghana (
What is the outlook for MTN Ghana, given the high inflation and macroeconomic uncertainties?
Despite the uncertainties from the inflationary pressures and other risks, MTN Ghana plans to continue preserving liquidity, strengthening the balance sheet, and implementing cost-mitigating initiatives. They plan to maintain their high twenties percentage growth in service revenue, demonstrating confidence in their ability to navigate the current economic landscape.


  • MTN Ghana’s mobile subscriber count dropped by 9.3% while the numbers of active data subscribers and MoMo users rose by 2.7% and 16.3% respectively.
  • Their service revenue witnessed an increase of 36.0%, with EBITDA also going up by 32.6%.
  • The EBITDA margin fell by 1.5 percentage points to 56.0%.
  • A total of GHS2.9 billion was allocated for capital expenditure and GHS4.0 billion was paid in direct and indirect taxes.
  • Inflation in September 2023 was 38.1%, compared to 42.5% in June 2023.
  • In his comments, the CEO highlighted the high inflation rate, the persistent challenges in the macroeconomic environment, and the depreciating cedi.
  • MTN Ghana Foundation awarded scholarships to 120 students and made significant strides with the STEM robotics lab for the Mamfe Girls’ School and the 60-bed maternity and neonatal centre for the Keta Municipal Hospital.
  • The report stated that negotiations are ongoing to finalize a long-term national roaming agreement with AT and Vodafone.
  • A 36.0% YoY increase in service revenue was achieved, mainly due to growth in voice, data, and MoMo. Accompanying this was an investment of GHS2.9 billion in technology.
  • Voice revenue grew by 14.5% YoY, while data revenue and MoMo revenue increased by 47.6% and 51.6% respectively.
  • The net finance cost shot up by 51.5%, and the profit after tax grew by 32%.
  • Going forward, the company intends to preserve liquidity, shore up the balance sheet, and look at cost-mitigating initiatives amid the unstable economic environment.

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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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