MTN Ghana, the country’s largest mobile operator, reported a huge 55.8 percent surge in profit after tax, reaching 3.6 billion Ghanaian cedis (~$2.3 billion) for the first half of 2025, driven by robust growth in its data, mobile money, and voice services.
The telecommunications giant’s unaudited half-year financial results, released last Wednesday, underscored its dominance in Ghana’s telecom sector, with service revenue soaring 40 percent to 11.3 billion cedis (~$7.2 billion).
The company’s chief executive, Stephen Blewett, attributed the stellar performance to “strong commercial momentum and execution,” while praising the dedication of MTN Ghana’s workforce.
“These results would not be possible without the unwavering dedication and hard work of our employees,” Mr. Blewett said in a statement.
By The Numbers
MTN Ghana’s success comes amid improving economic conditions in the West African nation, where inflation dropped to 13.7 percent in June and the cedi strengthened against the U.S. dollar.
The company capitalized on these tailwinds:
- Data revenue jumped 50.8 percent to 6 billion cedis (~$3.8 billion)
- Mobile money revenue rose 46.4 percent to 2.8 billion cedis (~$1.8 billion)
- Voice revenue growing 12.6 percent to 2 billion cedis (~$1.3 billion).
- Subscriber base expanded by 6.5 percent to 30.2 million
- Active data users increased by 11 percent to 18.2 million.
- Mobile money saw active users climb 7.4 percent to 17.7 million.
To support this growth, MTN invested 2.7 billion cedis ($1.7 billion) in network upgrades, extending 4G coverage to 99.3 percent of Ghana’s population.
Reflecting its strong financial position, MTN Ghana declared an interim dividend of 0.08 cedis per share, up from 0.065 cedis in the same period last year.
The dividend will be paid on Sept. 11 to shareholders on record as of Aug. 22.
The announcement fueled a rally in the company’s stock, which hit an all-time high of 3.55 cedis ($2.25) on the Ghana Stock Exchange ahead of the results.
