MTN Ghana has committed to advancing its Ambition 2025 Strategy, undeterred by prevailing macroeconomic challenges, by prioritizing sustained growth and refining its platform strategy.

The company reported a profit of GH¢5.028 billion for the year 2024, reflecting a year-on-year increase of 26.3%. 

The Ambition 2025 Strategy encompasses initiatives aimed at enhancing platform development, improving home connectivity, utilizing artificial intelligence applications, and fostering greater app adoption among fintech users and the broader subscriber base. Furthermore, MTN Ghana plans to implement cost efficiency measures to alleviate the effects of inflation and currency depreciation on its operations.

The company emphasized its commitment to a value-based capital allocation strategy, which will guide its capital expenditures to optimize long-term shareholder value. This approach will enable MTN Ghana to meet the rising demand for data by expanding access, particularly in rural regions, and by promoting smartphone adoption.

Additionally, the company has pledged to strengthen partnerships with financial institutions, agents, and merchants, recognizing their critical role in the growth of the Mobile Money (MoMo) ecosystem and the development of innovative MoMo services.

Operational and Financial Review

In 2024, MTN Ghana reported a remarkable 34.5% increase in overall service revenue compared to the previous year, surpassing its medium-term growth target of high-twenties.
The company attributed this growth in service revenue to significant advancements in data services, mobile money (MoMo), and digital offerings. Furthermore, ongoing investments aimed at enhancing 4G connectivity played a crucial role, alongside initiatives designed to improve the overall customer experience and foster growth.
"We maintained our commitment to investing in our network and technology, allocating GH¢3.1 billion to uphold network quality, expand coverage and capacity, and enhance our IT systems. These investments facilitated a 6.5% year-on-year increase in our subscriber base, which now totals 28.5 million, as we continue to focus on building a robust network and integrating the latest technology to keep our customers connected."

Data Revenue

Data revenue saw remarkable growth, increasing by 53.8% year-on-year to GH¢9.0 billion. This surge was fueled by a 13.7% rise in the number of active data subscribers and a higher adoption rate of smartphones, which resulted in a 19.0% increase in megabytes consumed per active user each month. Consequently, the share of data revenue in total service revenue rose to 50.2%, compared to 43.9% in 2023.

Voice Revenue

Voice revenue experienced a slight decline of 0.9% year-on-year, totaling GH¢3.5 billion. This decrease can be attributed to a transition from traditional voice calls to voice over internet protocol (VoIP) services, spurred by the growing use of smartphones and data. Nevertheless, customer value management initiatives and other optimization strategies facilitated a 13.5% increase in usage, measured in minutes. The proportion of voice revenue in total service revenue fell to 19.7%, down from 26.8% in 2023, reflecting a shift towards more rapidly growing sectors such as data and mobile financial services.

MoMo Revenue

Mobile money revenue maintained its strong upward trajectory, achieving a year-on-year growth of 54.4% to GH¢4.4 billion. This increase was driven by a 12.8% rise in active users, a revision of the fee structure, and significant advancements in service offerings. Withdrawals surged by 45.2% year-on-year, while transfers increased by 44.6%. The contribution of MoMo revenue to total service revenue rose to 24.9%, compared to 21.7% in 2023.

Digital Revenue

Digital revenue demonstrated robust growth, with a year-on-year increase of 66.1%, reaching GH¢228.2 million. This performance was bolstered by an 11.7% rise in active subscribers and heightened usage of products and services such as video, gaming, and ring-back tones. Improvements in customer experience and the expansion of digital service offerings further supported the growth in the user base. The share of digital revenue in total service revenue increased to 1.3%, up from 1.0% in 2023.

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