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MTN Ghana, the Ghanaian subsidiary of Africa’s telecom giant MTN Group, headed by Selorm Adadevoh, has achieved a noteworthy financial milestone, surpassing the $1-billion revenue mark in its 2023 fiscal year.
In the recently released annual results, MTN Ghana experienced a remarkable 34.6-percent surge in revenue, escalating from GH₵9.92 billion ($784.01 million) in 2022 to an impressive GH₵13.35 billion ($1.05 billion) in 2023.
This substantial growth is credited to stellar performances in voice, data, and Mobile Money services. The company’s success is attributed to well-executed commercial strategies and strategic investments in maintaining superior network quality and coverage.
MTN Ghana’s resilience amid economic challenges
Despite a challenging economic environment marked by high inflation rates, MTN Ghana demonstrated resilience in achieving its Ambition 2025 priorities. The company focused on growth, cost efficiencies, and creating shared value for stakeholders. The surge in revenue translated to a substantial 39.4-percent year-on-year increase in profit after tax, reaching GH₵3.98 billion ($315 million) from GH₵2.85 billion ($225.6 million).
MTN Ghana’s commitment to excellence is evident in its robust balance sheet, including GH₵225 million ($17.81 million) in outstanding principal debt. The company paid GH₵5.9 billion ($466.48 million) in direct and indirect taxes. Total assets grew by 40.31 percent, from GH₵22.06 billion ($1.75 billion) as of Dec. 31, 2022, to GH₵30.96 billion ($2.45 billion) as of Dec. 31, 2023. Retained earnings also surged from GH₵4.4 billion ($348.4 million) to GH₵6.08 billion ($480.98 million).
MTN Ghana: Dominating the market with more than 17.83 million subscribers
With over 17.83 million subscribers, capturing approximately 55.1 percent of the market as of December 2023, MTN Ghana remains the leading mobile telecommunications provider in the country. Publicly listed on the Ghana Stock Exchange, the company continues to innovate with digital solutions, contributing to the growth of the telecommunications industry in Ghana.
The outstanding financial performance at the end of the 2023 fiscal year highlights Selorm Adadevoh’s impact at the helm of MTN Ghana. Adadevoh, boasting over two decades of leadership experience in the telecommunications sector across various regions, is poised to transition to the role of MTN Group Chief Commercial Officer next month.
Effective April 1, 2024, Stephen Blewett, a seasoned leader with a profound history within the MTN Group, will assume Adadevoh’s role as the new CEO of MTN Ghana. This leadership transition marks a pivotal moment in the company’s history, and stakeholders eagerly anticipate continued success under Blewett’s guidance.
