MTN Group President and Chief Executive Officer (CEO), Ralph Mupita, has commended MTN Ghana for its exceptional financial performance in the first half of 2025, describing the unit’s results as “pivotal” to the Group’s strongest financial showing in nearly a decade.
Speaking in Accra during the Bright Conversation Series, part of his two-day working visit to Ghana, Mupita highlighted that MTN Ghana’s growth trajectory was central to the Group’s impressive recovery.
He noted that without Ghana’s “sterling performance,” the Group’s numbers would not have been as compelling.
“The first half results we released in August were probably the best set of financial results MTN has had in the last eight years I have been with the company. Ghana was a big part of it,” he said.
Ghana’s robust growth
MTN Ghana delivered strong growth across all its revenue lines. Service revenue expanded by 39.9%, underpinned by a 50.2% surge in data revenue, a 13.2% rise in voice revenue, and a 43.3% jump in fintech revenue.
Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose by 46.0%, with margins improving to 58.5%, reinforcing Ghana’s role as one of the most profitable markets in MTN’s portfolio.
Mupita praised the management and staff of MTN Ghana for sustaining this growth momentum, which he described as a reflection of the unit’s operational efficiency and strategic alignment with MTN Group’s “Ambition 2025” roadmap.
Group results strengthened by Ghana and Nigeria
MTN Group’s financial performance for the six months to June 30, 2025, showed a strong recovery, supported primarily by Nigeria and Ghana.
Service revenue rose 23.2% year-on-year to R105.1 billion, with total revenue reaching R109.3 billion.
Data revenue climbed 36.5%, while fintech revenue expanded by 37.3%.
EBITDA surged 60.6% to R46.7 billion, lifting margins to 42.7% from 32.0% in the prior year.
On a constant currency basis, EBITDA grew 42.3%, with margins expanding to 44.2%.
Headline earnings per share (HEPS) rebounded to 645 cents, compared with a loss of 256 cents a year earlier, while adjusted HEPS jumped 76.1% to 657 cents.
Basic earnings per share improved to 539 cents, up from a 409-cent loss in H1 2024.
Operating free cash flow more than doubled to R20.5 billion, while net-debt-to-EBITDA improved to 0.5x, reflecting stronger balance sheet discipline.
Ghana in the regional context
Ghana’s outstanding performance placed it among the Group’s top-performing markets alongside Nigeria.
Within West and Central Africa (WECA), Ghana and Cameroon led the region’s 17% service revenue growth.
MTN Ghana’s high-margin delivery and sharp expansion in both data and fintech set it apart as a key growth hub.
Its trajectory is particularly significant at a time when South Africa, another major market, reported more modest 2.3% service revenue growth and a 3.9% decline in EBITDA.
According to Mupita, Ghana’s ability to maintain strong revenue and profit growth despite macroeconomic pressures was a testament to the resilience of its operations and the demand for its digital and financial services.
Investments and outlook
MTN Group invested R20.8 billion in capital expenditure (excluding leases) during the half year, representing a 54.8% year-on-year increase.
Including leases, capex totalled R27.3 billion, with significant investment directed toward Ghana due to foreign exchange pressures.
The Group rolled out 1,443 3G, 1,766 4G, and 542 5G sites during the period. Mupita confirmed that full-year capex guidance had been revised upwards to R33–38 billion.
Looking ahead, MTN Ghana is targeting mid-to-upper thirties growth in service revenue with EBITDA margins in the mid-to-high 50s.
This outlook positions Ghana as one of the Group’s most reliable growth engines beyond 2025.
Ghana at the heart of MTN’s future
While celebrating the record-breaking first-half results, Mupita emphasised that MTN’s growth journey is far from over.
The company is preparing for life beyond its “Ambition 2025” strategy, with a sharper focus on three core businesses—connectivity, fintech, and digital infrastructure.
“Ghana has demonstrated what is possible when technology is leveraged to deliver dignity, hope and opportunity. It is a market that continues to give us energy, and one that will remain central to the Group’s future ambitions,” Mupita remarked.
With strong growth in data consumption, fintech adoption, and smartphone penetration, MTN Ghana is expected to continue shaping not only the Group’s financial success but also Africa’s broader digital transformation.
