MTN Ghana has reported a remarkable GH¢5.028 billion profit for 2024, reflecting a 26.3% year-on-year growth, despite facing significant macroeconomic challenges.
The telecom giant has reaffirmed its commitment to executing its Ambition 2025 Strategy, which focuses on sustained growth, platform development, and digital transformation.
Despite economic hurdles such as inflation, currency depreciation, and rising operational costs, MTN Ghana’s robust financial results demonstrate its resilience and strategic efficiency. The company’s impressive profit growth underscores its ability to adapt to market dynamics while maintaining profitability.
MTN Ghana attributed this success to its value-based capital allocation strategy, which ensures strategic investments in capital expenditure (capex) to drive long-term shareholder value. The company remains committed to expanding its network infrastructure, particularly in underserved rural areas, to meet the growing demand for data and digital services.
MTN Ghana’s Ambition 2025 Strategy aims to enhance its platform-based services and improve customer experiences. Key areas of focus include: Expanding Home Connectivity – Enhancing broadband and fixed wireless access to boost internet penetration.
Leveraging Artificial Intelligence (AI) – Utilizing AI-driven solutions to improve service delivery and user engagement; Promoting Fintech Growth – Encouraging greater adoption of Mobile Money (MoMo) and digital payment platforms.
Enhancing App Ecosystem – Increasing the use of MTN apps for seamless customer transactions and interactions.
MTN Ghana remains committed to expanding its Mobile Money ecosystem, which has become a key driver of financial inclusion in Ghana. The company plans to deepen collaborations with banks, fintech firms, agents, and merchants to improve MoMo services and introduce innovative digital financial solutions.
Operational and Financial Review
MTN Ghana achieved a 34.5% year-on-year increase in overall service revenue in 2024, delivered ahead of its targeted medium-term trend of high-twenties growth.
According to the firm, its service revenue growth was supported by strong growth in data, mobile money (MoMo) and digital services. Additionally, it was bolstered by ongoing investments aimed at improving 4G connectivity, which was complemented by initiatives to enhance overall customer experience and growth.
“We continued the investment in our network and technology, spending GH¢3.1 billion to maintain network quality, expand coverage and capacity and improve our IT systems. These investments underpinned a 6.5% year-on-year growth in our subscriber base, bringing the total to 28.5 million, as we continued to invest in building a resilient network and the latest technology to ensure that our customers remain connected.”
Stephen Blewett
Data revenue experienced significant growth, rising by 53.8% year-on-year to GH¢9.0 billion.
This increase was driven by a 13.7% year-on-year rise in active data subscribers and increased smartphone adoption, which in turn led to a 19.0% increase in the megabytes consumed per active user per month.
The contribution of data revenue to total service revenue increased to 50.2% (2023: 43.9%).
Voice Revenue
Voice revenue decreased by 0.9% year-on-year to GH¢3.5 billion due to a shift from traditional calls to voice over internet protocol (VoIP) services, driven by increased smartphone adoption and data usage.
However, the CVM initiatives and other portfolio optimization initiatives supported a 13.5% growth in usage (measured by minutes).
The contribution of voice revenue to total service revenue declined to 19.7% (2023: 26.8%), reflecting the ongoing shift in contribution toward faster-growing products and services such as data and mobile financial services.
MoMo Revenue
Mobile money revenue sustained its robust positive momentum with year-on-year revenue growth of 54.4% to GH¢4.4 billion.
This growth was driven by a 12.8% year-on-year growth in active users, a review of the fee structure and significant growth in advance services. Withdrawals recorded a strong growth of 45.2% year-on-year, while transfers grew by 44.6%.
MoMo’s revenue contribution to total service revenue increased to 24.9% (2023: 21.7%).
Digital Revenue
Digital revenue experienced strong growth, with a year-on-year increase of 66.1%, reaching GH228.2 million.
This outcome was supported by an 11.7% year-on-year rise in active subscribers and increased usage of our products and services such as video, gaming and ring-back tones. Enhanced customer experience and suite of digital services supported the growth in the user base.
The contribution of digital to total service revenue increased to 1.3% (2023: 1.0%).
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