MTN Ghana reported a strong performance for the first half of 2024, with a significant 31.2% year-on-year increase in service revenue to GHS 8.1 billion. This marks a significant increase from the GHS 6.15 billion in revenue generated during the same period in 2023.
In the first half of 2024, MTN Ghana experienced growth in its customer base, with mobile subscribers reaching 28.4 million, including an inflow of 0.6 million new customers in the first quarter alone. The number of active data subscribers also saw an increase, reaching 16.4 million. In addition, the active user base for Mobile Money (MoMo) services expanded by 16.2%, reaching a total of 16.5 million users. Revenue from MoMo services saw a significant increase of 44.8%, while digital revenue, which includes services such as video streaming, games and ringtones, increased by 59.4%.
MTN Ghana’s financial contributions to the state have been significant, with the telco paying GHS 3.9 billion in direct and indirect taxes in the first half of the year. These payments, together with other expenses, constituted 52.0% of the company’s total revenue of GHS 8.11 billion. The company also made significant investments of GHS 2.8 billion to improve network quality, coverage, capacity and IT systems.
The CEO of MTN Ghana, Stephen Bluett, revealed that the company is nearing completion of discussions on a long-term deal with Telecel. Blewett said: “We intend to actively pursue the national roaming agenda in partnership with Telecel to enter into a long-term infrastructure sharing agreement. We will continue to improve the leading connectivity asset base and service offerings provided to our customers.”
MTN Ghana also reported significant progress in increasing local ownership of Scancom PLC (MTN Ghana) and MobileMoney Limited. By the end of the second quarter of 2024, local ownership of Scancom PLC had reached 27.9%. This achievement was recognized by the regulator, confirming that Scancom PLC had met the 25.0% localization requirement for the 4G licence.
Blewett further emphasized the company’s commitment to increasing local involvement, saying: “We are committed to further localizing Scancom PLC and MobileMoney Limited and will continue to work closely with regulators and other relevant stakeholders to achieve our goal ».
Ghana is on the cusp of a technological leap with the planned launch of 5G mobile technology in September 2024. The government, in partnership with Radisys Corporation, is working to roll out affordable 5G mobile broadband services across the country by the end of year. This initiative is expected to give a substantial boost to internet connectivity, offering high speed and improved network performance to consumers and businesses across Ghana.
In the telecommunications sector, MTN Ghana has been designated as a Significant Market Power (SMP), a classification that reflects its dominant position in the market. In July 2024, the National Communications Authority (NCA) addressed public concerns about the high cost of internet data, confirming that the SMP classification for MTN Ghana is consistent with its responsibility to promote fair competition and protect consumer interests. The NCA’s stance indicates a commitment to ensure that the market operates in a competitive and consumer-friendly manner, with the aim of promoting an environment that benefits all stakeholders in the telecommunications ecosystem.
