MTN Ghana reports strong financial performance in 2023

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Leading telecommunications company in Ghana, MTN Ghana, has released its financial results for the year that concluded on December 31, 2023. The business demonstrated its adaptability and resilience in the face of difficult market conditions by achieving strong growth in key financial and non-financial metrics.

Key Highlights:

  • Subscriber base:
    • Total mobile subscribers reached 26.8 million, reflecting a 6.3% year-on-year decline due to the national SIM re-registration exercise.
    • Active data subscribers increased by 14.0% to 15.4 million.
    • Active Mobile Money (MoMo) users increased  by 20.1% to 15.2 million.
  • Financial performance:
    • Service revenue grew by 34.6% to GHS13.3 billion.
    • Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 40.2% to GHS7.8 billion.
    • EBITDA margin rose by 2.3 percentage points to 58.4%.
  • Investments and contributions:
    • Invested GHS4.1 billion in capital expenditure (capex) to expand network coverage and enhance service quality.
    • Contributed significantly to the Ghanaian economy by paying GHS5.9 billion in direct and indirect taxes, representing a 59.5% year-on-year increase.

While acknowledging the anticipated challenges of the macroeconomic environment, MTN Ghana remains optimistic about the future. MTN emphasized its commitment to its Ambition 2025 strategy, focusing on developing its platforms to unlock further value for stakeholders, continuously improving its network and services to deliver an exceptional customer experience and maintaining its medium-term growth guidance of high-twenties (in percentage terms) for service revenue.

Creating shared value – impacting lives through social and economic initiatives

Aiming to improve healthcare, education, and economic growth, the MTN Ghana Foundation invested GHS30.3 million in 2023 as part of MTN’s vision to build a better future for all Ghanaians.

We are on track to finish building a STEM robotics lab for the Mamfe Girls’ School and a 60-bed maternity and neonatal center for the Keta Municipal Hospital, according to CEO Selorm Adadevoh. As we get ready to turn these projects over to the appropriate authorities for use, we are nearing the end of equipping them. In addition, we granted 120 more scholarships, making 566 students in total at various educational institutions to benefit from the MTN scholarship program.

Selorm said, “Our commitment to socioeconomic development continues to be a priority and we look forward to continuing to play our part in Ghana’s sustainable development”.

MTN Ghana remained a development partner to the Government through our contribution to the fiscal and socio-economic development of the country. In 2023, the Company paid GHS5.9 billion in direct and indirect taxes and GHS0.4 billion in fees, levies, and other payments to Governmental agencies. Combined, this represented 47.1% of MTN’s total revenue for the 2023 financial year.

During the year, MTN Ghana in collaboration with Government, launched the “Ghana Innovation Hub” project which is aligned to our Ambition 2025 strategic objective of leading the delivery of digital solutions for Ghana’s progress. The ICT Hub project along with the “Accra Innovation City” and “The Ghana Education Platform” projects are spearheaded by MTN Ghana in partnership with the Government and other partners. So far, MTN Ghana has made a commitment of US$25 million towards the ICT Hub project. These initiatives aim to accelerate Ghana’s ICT ecosystem, develop human capital and ICT skills, and create job opportunities for the youth.

MTN Ghana’s strong financial performance in 2023 demonstrates its commitment to delivering value to its customers, contributing to the Ghanaian economy, and creating a brighter future for all.


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