MTN Ghana delivered robust first-quarter performance with profit after tax climbing 54% to GH¢1.7 billion, driven by accelerated digital adoption and strategic network investments.
The telecommunications giant reported a 39.6% year-on-year increase in service revenue to GH¢5.3 billion for Q1 2025, outperforming Ghana’s average inflation rate of 23% during the period.
Key operational metrics showed sustained growth, with mobile subscribers rising 5.2% to 29.2 million and active Mobile Money users expanding 11.5% to 17.4 million. Data revenue surged 54.9% to GH¢2.8 billion, accounting for 52.6% of total service revenue, while fintech services via MoMo generated GH¢1.3 billion, a 53.1% increase from 2024.
CEO Stephen Blewett credited the results to targeted infrastructure upgrades and AI-driven customer management, noting that 4G coverage now reaches 99.3% of Ghana’s population. “Our investments in network resilience and digital platforms have enabled us to capture growing demand for connectivity and financial services,” he stated.
The company navigated significant macroeconomic challenges, including a 17.1% annual depreciation of the cedi against the dollar and elevated operational costs from inflation. Total expenses grew 32.2%, primarily due to currency impacts on interconnect fees and increased utility costs. Despite these pressures, EBITDA margin improved to 58.1%, up 2.2 percentage points year-on-year.
Regulatory changes featured prominently in the quarter, with parliament abolishing the 1% electronic transfer levy in April 2025. MTN anticipates this reform will stimulate digital transaction volumes, having already processed GH¢25.5 billion in MoMo float during the quarter.
Social initiatives through the MTN Ghana Foundation included establishing ICT centers in schools and supporting 200 SMEs, with particular focus on women and youth-led enterprises. The company contributed GH¢2.7 billion in taxes, reinforcing its role as a key fiscal partner.
Looking ahead, MTN plans GH¢779.5 million in infrastructure spending to support data demand while maintaining cost discipline. The outlook remains cautiously optimistic, with management revising full-year service revenue growth projections to the low-to-mid thirties percentage range amid expectations of moderating inflation and currency stabilization.
Analysts note MTN’s performance reflects broader trends in Ghana’s digital economy, where telecom operators increasingly drive financial inclusion. With mobile money transaction values nearly doubling year-on-year to GH¢94.8 billion, the sector’s pivot toward fintech solutions appears central to sustaining growth in volatile economic conditions.
Figures sourced from unaudited interim financial statements approved by MTN Ghana’s board on April 25, 2025. Currency values expressed in Ghana cedis
