MTN Ghana has announced a remarkable 31.2% year-on-year increase in service revenue, reaching GHS8.1 billion for the first half of 2024. This compares to GHS6.15 billion generated during the same period in 2023.
Growth in Subscribers and Services
In H1 2024, MTN Ghana experienced significant growth across various segments:
- Mobile Subscribers: The number of mobile subscribers grew to 28.4 million, with an additional 0.6 million customers added in Q1.
- Active Data Subscribers: Active data subscribers reached 16.4 million.
- Mobile Money Users: Active Mobile Money (MoMo) users increased by 16.2%, totaling 16.5 million.
- Revenue Growth:
- MoMo revenue surged by 44.8%.
- Digital revenue grew by 59.4%, driven by services such as video, gaming, and ring-back tones.
MTN Ghana contributed significantly to the national economy, paying GHS3.9 billion in direct and indirect taxes in the first half of the year. These expenses, including other payments, accounted for 52.0% of the company’s total revenue of GHS8.11 billion. The telco also invested GHS2.8 billion to enhance network quality, coverage, capacity, and IT systems.
Strategic Partnerships and Localisation Efforts
MTN Ghana is in the final stages of discussions on long-term agreements with Telecel. According to MTN Ghana CEO Stephen Blewett, “We intend to actively pursue the national roaming agenda in collaboration with Telecel to establish a long-term infrastructure sharing agreement. We will continue to enhance our leading connectivity asset base and service offerings provided to our customers.”
Significant progress has also been made in localizing Scancom PLC (MTN Ghana) and MobileMoney Limited. By the end of Q2 2024, local ownership of Scancom PLC stood at 27.9%, surpassing the 25.0% localization requirement for its 4G license. “We are committed to further localizing Scancom PLC and MobileMoney Limited, and we will continue to work closely with regulators and other relevant stakeholders towards achieving our goal,” said Blewett.
Conclusion
MTN Ghana’s robust performance in H1 2024 underscores its strong market position and commitment to enhancing connectivity and digital services across the country. The company’s strategic initiatives and ongoing investments highlight its dedication to driving growth and innovation in Ghana’s telecommunications sector.
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