MTN Ghana has announced a 34.5% year-on-year increase in service revenue for 2024, with shareholder dividends rising to 24 pesewas per share from 17.5 pesewas previously.
The telecom operator’s strong performance comes despite economic challenges including inflation and currency depreciation.
The company will distribute final dividends on April 16, 2025, bringing total dividends for the year to 30.5 pesewas per share, including an interim payout of 6.5 pesewas made in September 2024. Scancom PLC Board Chairman Ishmael Yamson attributed the revenue growth to strategic customer engagement initiatives and expanded service offerings.
MTN Ghana contributed GH¢9.1 billion to government revenue in 2024, with GH¢8.6 billion coming from direct and indirect taxes. The electronic levy accounted for GH¢1.5 billion of this amount. The company’s mobile money service saw particularly strong growth, with revenue increasing 54.4% to GH¢4.4 billion, driven by a 12.8% rise in active subscribers.
CEO Stephen Blewett noted the growing importance of mobile money in revenue diversification while acknowledging potential economic headwinds in 2025. The company invested GH¢3.1 billion in network infrastructure improvements during the year, resulting in a 6.5% increase in its customer base.
The financial results revealed shifting consumer trends, with data revenue growing 53.8% to GH¢9 billion while voice revenue declined 0.9% to GH¢3.5 billion. Blewett attributed this change to customers increasingly adopting internet-based calling services. Despite macroeconomic uncertainties, MTN Ghana remains focused on maintaining growth through strategic investments and operational efficiency.
