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MTN Ghana has reported a strong set of financial results, with profit after tax surging 55.9% to GH₵7.8-billion (R11.7-billion) for the year ended 31 December 2025, adding to the growing momentum in parent company MTN Group’s key West African markets.
The results come days after MTN Nigeria reported a dramatic full-year turnaround – swinging from a loss of ₦400.4-billion to a profit of ₦1.1-trillion – as a more stable macroeconomic environment and surging data demand powered a recovery across the business.
The strong performance from MTN’s two largest West African operations is being reflected in the group’s share price, which has rallied to multi-year highs on the JSE, gaining approximately 77% over the past 12 months.
In Ghana, service revenue rose 36.2% year on year to GH₵24.4-billion, driven by a near-49% jump in data revenue, a 35.7% increase in Mobile Money (MoMo) income to GH₵6-billion and a more than doubling of digital revenue.
Ebitda – earnings before interest, tax, depreciation and amortisation – climbed 43.5% to GH₵14.7-billion, with the Ebitda margin widening by three percentage points to 60.1%, underscoring stronger operating efficiency.
CEO Stephen Blewett attributed the performance to strategic investments in network expansion and customer-focused initiatives, as well as the positive effects of a slowing inflation rate and a strengthened local currency, which helped improve consumer purchasing power.
Dividend hiked
Total mobile subscribers grew 9.2% to 31.2 million, active data users rose 13.7% to 19.9 million and active MoMo users increased 12.3% to 19.3 million. The company invested GH₵6.4-billion in capital expenditure during the year, with much of that directed at 4G coverage expansion and service quality improvements.
MTN Ghana’s board has recommended a final dividend of GH₵0.40/share, a significant increase from the GH₵0.24 paid in the prior year.
The results were accompanied by a disclosure that MTN Ghana had identified a prior-period error relating to network infrastructure leases that had not been remeasured following contractual extensions and the introduction of a fixed escalation clause that came into effect after the adoption of IFRS16.
Read: MTN Nigeria in dramatic full-year turnaround
In terms of IAS8, MTN Ghana has retrospectively restated comparative 2024 financial year figures and opening balances. MTN Group said it anticipates the restatement will improve FY2024 earnings per share loss by about 12c to -519c (from -531c) and lift headline EPS by about 12c to 110c (from 98c).
The effects are non-cash, and the group said the restated information has not been reviewed by its external auditors and is provided for illustrative purposes.
Blewett said MTN Ghana is well positioned to capitalise on the country’s improving macroeconomic environment in 2026, with plans to build 500 new network sites and maintain service revenue growth in the mid-to-upper 30s percentage range.
MTN Group’s full-year results, which will include the restated figures, are expected to be published on 16 March 2026. – © 2026 NewsCentral Media
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