(Ecofin Agency) - 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