MTN Ghana has delivered an exceptional financial performance for the 2024 fiscal year, with service revenue surging by 34.5% to GHS 17.9 billion ($1.1 billion). This growth surpasses the company’s medium-term targets and underscores its strong strategic focus on digital services, mobile money, and data-driven expansion. Despite macroeconomic challenges, MTN Ghana has reinforced its position as a leader in the country’s telecommunications and fintech space.
A key driver of this impressive performance is the remarkable 53.8% growth in data revenue, which now contributes 50.2% of total service revenue. With active data subscribers increasing by 13.7% to 17.5 million and average data consumption rising by 19%, the company continues to capitalize on the growing demand for digital connectivity. This shift reflects evolving customer preferences, with more users embracing high-speed internet for entertainment, work, and communication.
Mobile Money (MoMo) services have also played a pivotal role in MTN Ghana’s success, with MoMo revenue growing by 54.4% to GHS 4.4 billion ($284 million). The rise in active MoMo users to 17.2 million, along with an 82.8% year-on-year increase in advanced financial services such as digital payments and lending, highlights MTN’s leadership in financial inclusion. MoMo now accounts for 24.9% of total service revenue, further solidifying its importance in Ghana’s digital economy.
While data and MoMo experienced significant growth, traditional voice revenue saw a slight decline of 0.9% to GHS 3.5 billion ($225 million). This reflects a broader industry trend of customers shifting from conventional voice calls to voice-over-Internet protocol (VoIP) services. Despite an increase in overall call usage by 13.5%, the contribution of voice to total service revenue dropped to 19.7%, signaling the continued evolution of communication habits.
MTN Ghana’s profit after tax rose by 26.3% to GHS 5.0 billion ($322 million), even as direct tax charges increased by 59.7% to GHS 2.6 billion ($167 million). The company remains a significant contributor to Ghana’s economy, paying GHS 8.6 billion ($555 million) in direct and indirect taxes alongside regulatory fees and levies. Its commitment to infrastructure investment was evident in the GHS 2.8 billion ($180 million) allocated to improving network quality, capacity, and IT systems.
Despite MTN Ghana’s outstanding results, MTN Group faced significant currency headwinds, leading to a ₦400.4 billion ($267 million) loss after tax due to severe foreign exchange losses, particularly in Nigeria. The contrasting performance between MTN Ghana and the Group highlights the challenges of operating in diverse African markets with fluctuating economic conditions. Nonetheless, MTN Ghana remains focused on its Ambition 2025 Strategy, ensuring sustained growth through digital transformation and financial innovation.
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