MTN Ghana’s strong Financial performance is important for several reasons. Growth in mobile, data, and Mobile Money users signals increased connectivity, financial inclusion, and digital transformation, benefiting businesses and individuals.

MTN Ghana reported a 6.5% increase in mobile subscribers, reaching 28.5 million in 2024, as revealed in its Condensed Consolidated and Separate Financial Information for the year ended December 31, 2024. This moderate growth occurred amid "ongoing macroeconomic challenges."

During the year, MTN Ghana’s active data users grew 13.7% to 17.5 million, while active Mobile Money (MoMo) users increased 12.8% to 17.2 million. The company attributes this growth to its commitment to excellence in commercial execution and service delivery. “Each improvement we made this year — whether it was in upgrading our network infrastructure, implementing innovative solutions, or providing responsive and engaging Customer service — has not only strengthened our existing relationships but also attracted 1.7 million new subscribers to the Y’ello family, all seeking reliable Connectivity and fintech solutions,” said CEO Stephen Blewett.

Service revenue jumped 34.5% to GHS17.9 billion ($1.4 billion), while earnings before interest, tax, depreciation, and amortization (EBITDA) rose 31.3% to GHS10.2 billion. The EBITDA margin declined by 1.3 percentage points to 57.1%. The company invested GHS4.4 billion in capital expenditure and paid GHS8.6 billion in direct and indirect taxes, up from GHS5.9 billion in 2023. They proposed a final dividend of GHS0.24 per share, compared to GHS0.175 a year earlier.

MTN said it achieved these results despite high inflation and the continued depreciation of the Ghanaian cedi “that negatively impacted business operations and put pressure on the disposable income of consumers”. The inflation rate in December 2024 stood at 23.8%, a 2.3 percentage point increase from 21.5% in September, driven by renewed pressure on food inflation in the last quarter of the year. The cedi depreciated by 19.2% against the US dollar throughout the year, further exacerbating inflationary pressures.

MTN remains cautiously optimistic about the macroeconomic Outlook for Ghana in 2025 and the medium term, expecting gradual improvement. However, risks persist, particularly concerning inflationary pressures driven by fluctuations in food prices and the exchange rate, which potential challenges in the Energy sector could exacerbate.

“In response to these macro challenges, MTN Ghana will continue to execute its Ambition 2025 strategy. The focus will be on sustained growth and enhancing its platform strategy. This includes Driving platform development, improving home Connectivity, leveraging artificial intelligence applications, and encouraging greater app adoption for fintech users and the general subscriber base. Additionally, the company will implement expense efficiency initiatives aimed at mitigating the impact of inflation and Currency depreciation on the business,” MTN stated.

Hikmatu Bilali