MTN Ghana records stellar start to 2025

MTN Ghana has kicked off 2025 with a commanding financial performance, reporting a total revenue of approximately GH₵5.4 billion (GH₵5,362,262,000) and a profit after tax of over GH₵1.7 billion (GH₵1,710,580,000) for the first quarter of the year.
This represents a 39.4% increase in revenue and a remarkable 53.7% jump in profit compared to the same period in 2024.
The growth was anchored almost entirely in the company’s core business segments. Service revenue alone accounted for GH₵5.35 billion—99% of total revenue—and surged by 39.6% year-on-year.
The stellar performance came despite macroeconomic headwinds, including high inflation and the depreciation of the cedi, reinforcing MTN’s ability to execute its commercial strategy with precision and resilience.

Tax contributions and prudent investments
MTN Ghana’s profit before tax for first quarter stood at GH₵2.43 billion, of which the company paid GH₵719.7 million in taxes—a 48% increase from the same period last year.
This reflects both improved profitability and a stronger contribution to Ghana’s national revenue mobilisation efforts.
The performance was powered by a capital expenditure (capex) of approximately GH₵1.17 billion, slightly lower (by 3.6%) than the GH₵1.2 billion invested in first quarter 2024.
The company’s ability to post record results while moderating capex highlights its increasing operational efficiency and strategic resource allocation.

Navigating a tough economic climate
The company’s achievements come against a backdrop of persistent inflation—averaging 23% in the first quarter—and a 17.1% depreciation of the cedi against the US dollar.
Despite these challenges, MTN managed to reduce its net finance costs through sound debt management practices and income from fixed-income instruments.
Chief Executive Officer, Stephen Blewett, credited the company’s strong start to the year to focused execution of MTN Ghana’s commercial strategy.
He highlighted robust growth across data, voice, fintech, and digital services as critical drivers of the performance, and reaffirmed MTN’s commitment to digital inclusion and innovation.

Mobile Money continues to surge
A standout performer in MTN Ghana’s portfolio is its Mobile Money (MoMo) segment. MoMo active users grew by 11.5% to reach 17.4 million in the first quarter, while revenue from the platform surged by 53.1% year-on-year to GH₵1.3 billion.
The growth was fuelled by rising transaction volumes and an expanding range of services, including digital payments, lending, and investment products.
The recent repeal of the Electronic Transfer Levy (E-Levy) in April 2025 is expected to further accelerate MoMo adoption.
MTN Ghana has already updated its systems in line with the policy change and anticipates that reduced transaction costs will promote broader usage, especially among the unbanked and underserved.

Data now drives majority of revenue
Data revenue grew by an impressive 54.9% to GH₵2.8 billion, supported by a 39.7% increase in average monthly data consumption per user.
With this boost, data now accounts for 52.6% of total service revenue, overtaking voice as MTN’s dominant income stream.
Voice revenue also recorded a respectable 6.2% increase to GH₵951 million, as traditional telephony retained its relevance even amidst growing digital adoption.
Meanwhile, revenue from digital services rose by 65.4%, underpinned by growing demand for gaming, video streaming, and personalised content.
The number of digital users grew to 5.3 million, reflecting the increasing digitisation of customer engagement.

Healthy EBITDA growth and strong margins

MTN Ghana’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached GH₵3.1 billion in the first quarter, a 45% increase from the previous year.
The EBITDA margin improved by 2.2 percentage points to reach 58.1%, signalling improved cost-efficiency and robust revenue conversion. Earnings per share (EPS) also climbed from GH₵0.084 to GH₵0.1292.
More than half of the first quarter capex—about GH₵779.5 million (excluding leases)—was channelled into expanding 4G coverage, enhancing IT systems, and bolstering network resilience.
The company now boasts 99.3% 4G population coverage across Ghana, consolidating its dominance in mobile connectivity.

Community investment and national collaboration
Beyond financial metrics, MTN Ghana maintained its social responsibility commitments through the MTN Ghana Foundation.
In the first quarter 2025, the Foundation established a 40-seat ICT centre at Yilo Krobo Senior High School, awarded 500 STEM scholarships, and donated 6,000 units of blood.
Additionally, 200 micro and small enterprises—particularly those led by women, youth, and persons with disabilities—received financial and technical support.
Another major milestone was the signing of a long-term national roaming agreement with Telecel Ghana, expanding on a pilot partnership launched in 2022.
The agreement is set to enhance network accessibility nationwide and contribute to the broader goals of Ghana’s digital transformation agenda.

Sustained growth on the horizon
Looking ahead, MTN Ghana has revised its medium-term service revenue growth target to fall within the low to mid-thirty-percent range.
Profit margins are expected to hold steady in the mid-fifties.
The company remains committed to its Ambition 2025 strategy, which focuses on driving cost-efficiencies, scaling platforms, and investing in infrastructure to support rising demand for data and digital services.
With a strong start to the year, MTN Ghana is positioning itself not only as a telecom leader but also as a strategic player in Ghana’s economic and digital future.
In the words of CEO Blewett, “We are committed to delivering sustainable value to our stakeholders while advancing the digital and financial inclusion agenda of Ghana.”