MTN Ghana’s share price reached a historic high of GH₵3.21 on Tuesday, May 6, 2025, driven by strong first-quarter financial results and investor optimism following the announcement of a major restructuring of its mobile money operations.
The telecom giant’s stock rose by 0.02 pesewas on the Ghana Stock Exchange (GSE), surpassing its previous record of GH₵3.20 set in March. With a trading volume of 236,536 shares, the gain marked the continuation of a positive trend that included a 0.07 pesewa increase on Monday.
Robust Financial Performance
MTN Ghana, officially listed as Scancom PLC, reported a 53.7% year-on-year increase in profit after tax to GH₵1.7 billion in Q1 2025, despite macroeconomic pressures such as a 17.1% depreciation of the cedi and an average inflation rate of 23.0%.
“This performance reflects solid execution of our commercial strategy and sustained demand across key segments,” said Stephen Blewett, CEO of MTN Ghana. He highlighted significant progress in fintech, digital, data, and voice services, supported by ongoing investment in network expansion.
The company’s service revenue jumped 39.6% to GH₵5.4 billion, fueled by growth in data usage, mobile money transactions, and digital content adoption.
- Data revenue increased 54.9% to GH₵2.8 billion
- Mobile Money revenue rose 53.1% to GH₵1.3 billion
- Voice revenue saw a modest 6.2% uptick to GH₵951 million
- Digital services revenue surged 65.4%, driven by streaming, gaming, and personalized content
MTN also reported a 45% increase in EBITDA to GH₵3.1 billion, improving its EBITDA margin to 58.1%. Earnings per share climbed from GH₵0.084 to GH₵0.1292.
Customer Growth and Network Investment
- Data subscribers grew 10.8% to 17.8 million
- Mobile subscribers rose 5.2% to 29.2 million
- Active MoMo users increased 11.5% to 17.4 million
Capital expenditure in Q1 stood at GH₵1.2 billion, with GH₵779.5 million (excluding leases) directed toward 4G expansion, IT system upgrades, and network resilience. MTN’s 4G network now covers 99.3% of Ghana’s population.
Mobile Money Restructuring and Regulatory Compliance
Investor confidence has also been bolstered by MTN’s announcement of a restructuring plan for its mobile money arm in compliance with Ghana’s Payment Systems and Services Act, 2019, which requires a minimum of 30% local ownership of electronic money issuers.
Under the plan:
- MobileMoney Ltd (MML) will merge into a new company called New FinCo
- New FinCo will inherit all assets, liabilities, and staff from MML
- A 32.13% stake in New FinCo will be held in trust for current shareholders until a planned listing on the GSE within 3–5 years
- The transition will be tax-neutral, with costs shared by Scancom PLC, New FinCo, and MTN Group
A circular outlining the restructuring was released on May 2, 2025, and shareholders have been invited to an Extraordinary General Meeting on May 21 at the Accra International Conference Centre, with virtual participation available. Although no formal vote is required, the meeting will offer insight into the process.
E-Levy Repeal and Future Outlook
The repeal of the Electronic Transfer Levy (E-Levy) in April 2025 is expected to further boost mobile money usage, and MTN has already updated its systems to align with the change.
Looking ahead, MTN Ghana has revised its medium-term service revenue growth target to the low-to-mid thirties and expects profit margins to remain in the mid-fifties. The company will continue investing under its Ambition 2025 strategy, focused on platform growth, digital inclusion, and operational efficiency.
Community Investment
In Q1, the MTN Ghana Foundation supported national development through:
- A 40-seat ICT centre at Yilo Krobo SHS
- 500 STEM scholarships awarded
- 6,000 units of blood donated nationwide
- Support for 200 small businesses, particularly those led by women, youth, and persons with disabilities
With strong momentum, strategic realignments, and deepening community impact, MTN Ghana continues to position itself as a dominant force in the country’s telecom and fintech landscape.
