MTN Ghana Reports Strong Growth and Compliance Achievements in 2023

MTN Ghana, operating under Scancom PLC, has released its condensed consolidated financial information for the year ended December 31, 2022, showcasing robust growth and adherence to regulatory directives.

Financial Highlights:

• Mobile subscribers surged by 12.8% to 28.6 million, while active data subscribers and Mobile Money (MoMo) users grew by 8.3% and 15.0%, respectively.
• Service revenue soared by 28.3% to GHS 9.9 billion, with Earnings before interest, tax, depreciation, and amortization (EBITDA) rising by 30.9% to GHS 5.6 billion.
• Total capex amounted to GHS 2.1 billion, with GHS 3.7 billion paid in direct and indirect taxes.
• The company allocated GHS 28.3 million towards socio-economic initiatives and proposed a final dividend per share of GHS 0.124.
• MTN reaffirmed its commitment to its Ambition 2025 strategy and projected low-twenties service revenue growth in the medium term.

Compliance and Regulatory Updates:

• The Ghana Revenue Authority (GRA) issued and later withdrew a tax liability assessment of GHS 8.2 billion, reflecting MTN’s commitment to transparency and compliance.
• MTN Ghana disconnected 5,422,828 subscribers not fully registered with the Ghana Card, with 1,504,366 subsequently reactivating their SIM cards.
• The government reduced the e-levy rate from 1.5% to 1.0%, effective January 11, 2023, which MTN promptly complied with to support digitalization efforts.

Localisation Initiatives:

• MTN Ghana focused on further localisation efforts, achieving an additional 6.8% localisation during the period, bringing Scancom PLC’s localisation to 23.7%.
• The company remains committed to achieving 30% localisation for both Scancom PLC and MobileMoney Limited in the shortest possible time.

MTN Ghana’s strong financial performance and compliance efforts underscore its dedication to delivering value to shareholders and supporting Ghana’s digital transformation agenda.