MTN Ghana reported a stellar performance in the first quarter of 2025, with service revenue surging by 39.6% to GHS5.3 billion (over $517 million) and its subscriber base growing by 5.2% to GHS29.2 million ($2.8 million).
The telecommunications giant credited its success to artificial intelligence (AI)-powered customer value management initiatives, which enhanced user experiences across its diverse service offerings, including data, digital services, voice communications, and Mobile Money (MoMo).
CEO Stephen Blewett highlighted the role of strategic investments and operational efficiency in driving these results. “Our robust operational strategies and commitment to efficiency have delivered strong financial and operational outcomes,” Blewett said, speaking on the company’s performance amidst Ghana’s challenging economic landscape.
Financially, MTN Ghana saw significant gains. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 45.0% to GHS3.1 billion (($302 million), with the EBITDA margin improving by 2.2 percentage points to 58.1%. Profit after tax soared by 53.7% to GHS1.7 billion ($165 million), translating to a 53.7% increase in earnings per share to GHS0.1292.
The company invested GHS1.2 billion in capital expenditure, including GHS0.8 billion excluding leases, and contributed GHS2.7 billion in direct and indirect taxes, up from GHS1.7 billion in 2024.
Subscriber growth was equally impressive. Active data subscribers increased by 10.8% to 17.8 million, while active MoMo users grew by 11.5% to 17.4 million, reinforcing MTN’s dominance in Ghana’s telecom and fintech sectors.
Despite these achievements, Blewett noted challenges posed by Ghana’s economic conditions. The Ghana cedi depreciated by 17.1% year-on-year against the US dollar, and inflation averaged 23.0% in Q1 2025, down slightly from 23.8% in December 2024. “The high inflationary environment has put upward pressure on business costs,” Blewett said, but he remained optimistic about the future.
A significant boost came from the government’s decision to abolish the e-levy tax on Mobile Money transactions, effective April 2, 2025. “This pivotal regulatory change will alleviate financial burdens on consumers and drive growth in the Mobile Money sector, deepening Ghana’s digital and financial inclusion,” Blewett added.