Ghanaian executive Ebenezer Asante gains $740,000 as MTN Ghana stock price skyrockets

MTN Group Vice President for West and Central Africa Ebenezer Asante has seen the market value of his stake in Scancom Plc (MTN Ghana) increase by GH₵4.5 million ($738,500) so far this year, as shares in the Ghana-based telecom company surged by 87.5 percent.

MTN Ghana, a subsidiary of MTN Group, is Ghana’s largest telecom operator with a total subscriber base of 24.9 million and 11.4 million active data subscribers as of June 2021.

Its primary revenue lines are airtime and subscription, interconnect and roaming, SMS, data, handsets and accessories, mobile money and value-added services.

In 2020, the company invested GH₵1.5 billion in its network to deliver improved services to its customers, while driving technological and digital change in the telecom and mobile banking sector.

Asante, who holds a beneficial stake in MTN Ghana, has seen the market value of his stake rise significantly since the start of the year, as shares in the telecom service provider surge by double digits over the 10-month period.

Between Jan. 1 and today, Oct. 21, the company’s share price has risen from GH₵0.64 ($0.1055) on Dec. 31, 2020 to GH₵1.20 ($0.1978), as investors price in a 25.9-percent growth in profit in the first half of 2021, as well as plans to increase local ownership in the company to 25 percent by the close of the year.

As a result, the market capitalization of MTN Ghana on the local bourse has increased from GH₵7.9 billion ($1.3 billion) to GH₵14.8 billion ($2.4 billion), while the market value of Asante’s stake has risen from GH₵5.1 million ($844,000) to GH₵9.6 million ($1.6 million).

This translates to a gain of GH₵4.5 million ($738,500) for the Ghanaian executive since the start of the year.

In addition, Asante earned an interim dividend distribution of GH₵240,000 ($40,000) from the company’s profit in the first half of 2021.