MTN Ghana reported strong third-quarter financials, contributing GHS 6.1 billion in taxes to the Ghanaian government in the nine months ending September 30, 2024, marking a 49.5% increase in year-on-year tax payments and highlighting the telecom giant’s expanding fiscal role.
Despite economic headwinds, MTN Ghana achieved a 32% year-on-year rise in service revenue, reaching GH₵12.7 billion, propelled by robust growth in data and Mobile Money (MoMo) services.
The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose 32.2% to GH₵7.2 billion, with an improved EBITDA margin of 56.2%.
Profit after tax surged 35.5% to GH₵3.8 billion.
MTN Ghana’s data revenue climbed 53.4%, fueled by a 17.3% increase in active data subscribers, while MoMo revenue spiked by 50.8%, underscoring MTN’s expansion in the fintech sector.
The company invested GH₵3.7 billion in capital expenditures to expand its network infrastructure, aiming to enhance service delivery.
Operating within a challenging economic landscape of high inflation and currency depreciation, MTN Ghana’s sustained revenue and tax contributions reflect its resilience and commitment to Ghana’s economic growth.
The company’s strategic priorities continue to centre on digital expansion and economic development, including initiatives such as scholarships and a seed capital fund for micro, small, and medium-sized enterprises.
