MTN is bullish about its growth prospects in Ghana, anchored by growth in its core businesses and an improved macroeconomic picture in the West African nation.
“We remain optimistic about MTN Ghana’s growth outlook, including for the remainder of 2025,” said MTN Ghana CEO Stephen Blewett.
“We will keep focusing on managing our operational costs effectively to protect margins and increase profitability.”
MTN, which has suffered the effects of currency devaluations in several of its key markets, is likely happy that Ghana’s economy has been relatively stable throughout 2025, despite some weakening of the local currency.
“The Ghana cedi strengthened in [the second quarter] but weakened slightly in [the third quarter], however, the overall macroeconomic landscape showed signs of improvement,” the company said.
Inflation continued to ease through the third quarter, ending at 9.4% in September. The year-to-date average was 17.3%, compared with 22.9% during the same period in 2024.
“The slight depreciation of the Ghana cedi reduced the gains it had made by the end of the first half of 2025.”
The exchange rate decreased from 15.3 cedis to the dollar in January to 10.3 cedis to the dollar in June, rising to 12.4 cedis to the dollar in September, according to the Bank of Ghana’s interbank rates.
Profit after tax for the nine months to end-September increased by 45.9% to 5.5-billion cedis.
Mobile subscribers increased by 6.4% to 30.5-million, while active data subscribers rose 11.4% to 18.9-million. Active Mobile Money (MoMo) users increased by 4.1% to 17.7-million.
Service revenue increased by 36.3% to 17.3-billion cedis and earnings before interest, tax, depreciation and amortisation (ebitda) increased by 41.6% to 10.2-billion cedis.
Total capital expenditure stood at 4.6-billion cedis and excluding leases, capex was 3.3-billion cedis.
Earnings per share (EPS) increased by 45.9% to 0.415 cedis.
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