Telecom

Ghana: MTN reports 28.4% year-on-year revenue growth in FY 2022

Ghana: MTN reports 28.4% year-on-year revenue growth in FY 2022
Friday, 03 March 2023 15:45

MTN Ghana is the leader of the Ghanaian telecom market with a 65 percent market share, according to the latest data from the National Communications Authority (NCA). At the end of the 2021 financial year, the operator’s revenue was around $604.5 million.  

Ghanaian telecoms operator Scancom Plc (MTN Ghana) recorded a total revenue of 9.91 billion cedis ($776.5 million) in the 2022 financial year, according to the company's latest annual report. This figure shows a 28.4 percent increase over the 7.72 billion cedis earned in 2021. Service revenue increased 28.3 percent to 9.88 billion cedis while Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 30.9% to 5.6 billion cedis.

The company attributes its performance to improved operational efficiency, cost management discipline, and the creation of shared value despite a challenging macroeconomic environment. The year was notably marked by rising inflation, from 12.7% in December 2021 to 54.1% in December 2022, as well as the depreciation of the cedi, which lost 42.8% against the US dollar. The challenges were compounded by rising fuel and commodity costs.

In the 2022 fiscal year, MTN Ghana invested 2.1 billion cedis to upgrade its infrastructure, improve its IT system and expand its network capacity and coverage. It says it deployed 400 2G sites, 400 3G sites, and 1,142 4G sites. It has also upgraded 820 existing 4G sites, covering 99.3% of the population with 4G.  

Looking ahead to 2023, MTN Ghana intends to continue implementing the Ambition 2025 strategy and maintain its commitment to investment to drive continued growth. "We are confident in the medium to long-term prospects of Ghana’s economy and as such, commit to continue to invest efficiently in infrastructure and to improve the capacity and quality of connectivity and other related services for our customers," the company said.

Isaac K. Kassouwi

On the same topic
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
MTN Nigeria launched a 100 million naira startup accelerator starting September The 12-week program offers funding, mentorship, and tech...
The MTN Nigeria Dabengwa Tier 3 Data Centre is more than just a physical infrastructure project — it’s a foundational investment in Nigeria’s digital...
Chad begins drafting a manual to implement its National Digital Health Program Aims to ease doctor shortages via telemedicine and digital...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.