MTN Ghana has posted a profit after tax of GH₵1.7 billion for the first quarter of 2025, representing a 53.7 per cent increase compared to the same period last year.
The strong performance detailed in the company’s Q1 2025 results comes despite macroeconomic challenges including high inflation and currency depreciation, and reflects robust growth across the company’s key business segments.
The telecom giant, officially known as Scancom PLC, reported service revenue of GHS5.4 billion for the quarter, marking a 39.6 per cent year-on-year increase. This was supported by rising demand for data, digital services, and Mobile Money (MoMo), as well as continued investments in network expansion and service innovation.
The Chief Executive Officer, Stephen Blewett attributed the solid earnings to the effective execution of MTN Ghana’s commercial strategy. He noted that strategic initiatives across data, voice, fintech, and digital services had positioned the company for sustained growth, even amid difficult economic conditions.
Active data subscribers grew by 10.8 per cent to reach 17.8 million, while mobile subscribers rose by 5.2 per cent to 29.2 million. MoMo, one of the company’s fastest-growing segments, recorded an 11.5 per cent increase in active users, reaching 17.4 million. MoMo revenue rose sharply by 53.1 per cent year-on-year to GHS1.3 billion, fuelled by growing transaction volumes and the expansion of advanced services, including digital payments and lending solutions.
Data revenue jumped by 54.9 per cent to GHS2.8 billion, supported by a 39.7 per cent increase in average monthly data usage per user. Data now contributes over half (52.6 per cent) of total service revenue, up from 47.4 per cent in the previous year.
The company also recorded a 6.2 per cent growth in voice revenue, totalling GHS951 million, even as more customers transitioned to data-based calling services. Meanwhile, digital services saw a 65.4 per cent increase in revenue, driven by gaming, streaming, and personalised content offerings, with digital users rising to 5.3 million.
MTN Ghana’s strong revenue performance translated into an EBITDA of GHS3.1 billion, up 45.0% from the previous year, while EBITDA margin improved by 2.2 percentage points to 58.1 per cent. Earnings per share rose from GHS0.084 to GHS0.1292.
Total capital expenditure stood at GHS1.2 billion, with GHS779.5 million spent (excluding leases) on expanding 4G coverage, improving IT systems, and enhancing network resilience. The company now boasts 99.3 per cent 4G population coverage across Ghana.
During the same period, inflation averaged 23.0 per cent, while the Ghana cedi weakened by 17.1 per cent against the US dollar. Despite these pressures, MTN managed to reduce net finance costs through prudent debt management and income from fixed-income instruments.
The repeal of the controversial Electronic Transfer Levy (E-Levy) in April 2025 is expected to further boost MoMo activity. MTN has already implemented system updates in response to the policy shift and expects the change to drive increased digital and financial inclusion.
MTN Ghana also reinforced its commitment to community development through the MTN Ghana Foundation. In Q1, the Foundation established a 40-seat ICT centre at Yilo Krobo SHS, awarded 500 STEM scholarships, donated 6,000 units of blood nationwide, and extended support to 200 micro and small enterprises, prioritising women, youth, and persons with disabilities.
A key milestone in Q1 was the signing of a long-term national roaming agreement with Telecel, expanding a pilot programme launched in 2022. The agreement aims to strengthen network accessibility and contribute to Ghana’s digital economy agenda.
Looking ahead, MTN Ghana has adjusted its medium-term service revenue growth target to between the low and mid-thirties (percentage terms), while projecting margins to remain in the mid-fifties. The company said it will continue implementing its Ambition 2025 strategy, which includes cost-efficiency measures, platform expansion, and capital investment to meet growing demand for data and digital services.
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