MTN Ghana has reported strong financial and operational performance for the 2021 financial year, marking 25 years of operations in Ghana with significant investments in network expansion, digital services and corporate social responsibility initiatives.
In a statement presented at the company’s fourth Annual General Meeting (AGM) as a publicly listed company, the Board highlighted MTN Ghana’s continued contribution to the country’s telecommunications sector, economic growth and digital transformation despite the challenges posed by the COVID-19 pandemic.
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The company celebrated its 25th anniversary by recognising the loyalty of its customers, employees, business partners, regulators and other stakeholders who have supported its growth over the years.
As part of its corporate social responsibility programme, MTN Ghana commissioned three major projects in healthcare and information and communications technology (ICT) skills development. It also expanded its scholarship programme to support 300 students in local tertiary institutions over a three-year period.
Financially, MTN Ghana recorded a 28.5 per cent increase in service revenue during 2021, driven by sustained investment in network infrastructure, commercial initiatives and growth in its customer base.
The company invested GH¢1.5 billion in capital expenditure to modernise its network, extend coverage and improve service quality.
During the year, MTN rolled out 131 new 2G sites, 120 new 3G sites and 1,446 new 4G sites, while modernising 2,121 existing 4G sites. The expansion increased 4G population coverage to 90.6 per cent and extended high-speed data services to an additional 1.7 million people.
The company’s subscriber base grew by one million to 25.4 million customers, while active data users increased by 15.3 per cent.
Voice revenue rose by 4.9 per cent to GH¢2.6 billion, although its contribution to total service revenue declined as data and mobile financial services continued to grow.
Data revenue increased by 56.3 per cent to GH¢2.8 billion, supported by a 54.9 per cent rise in data traffic, increased smartphone penetration and continued improvements in network quality.
Mobile Money (MoMo) also recorded strong growth, with revenue rising by 38.2 per cent to GH¢1.7 billion.
The company attributed the performance to increased use of merchant payments, microloans, insurance products and international remittance services, as well as the expansion of its network of agents and merchants across the country.
Active Mobile Money users increased by 3.8 per cent, while active agents grew by 18.7 per cent and merchants by 29.9 per cent during the year.
MTN also enhanced interoperability by enabling customers to purchase airtime for subscribers on other mobile networks through its MoMo platform and further integrated Mobile Money services into its Ayoba super app.
Although digital revenue declined by 5.1 per cent following the rationalisation of some digital products and services, the company increased its active digital subscriber base by 1.1 million to 4.2 million through improvements to its entertainment and digital offerings.
Operational efficiency also improved significantly, with earnings before interest, tax, depreciation and amortisation (EBITDA) increasing by 33.7 per cent and the EBITDA margin expanding to 55.0 per cent.
Profit after tax grew by 43.5 per cent compared with the previous year.
The company also announced changes to its executive management team, including the appointment of Antoinette Kwofie as Chief Finance Officer and Shaibu Haruna as Chief Sales and Distribution Officer. Samuel Koranteng retired as Chief Corporate Services Officer, with Nana Kofi Asare assuming the role in an acting capacity pending a substantive appointment.
Looking ahead, MTN Ghana said it would focus on improving customer experience, expanding nationwide 4G and 4G+ coverage, strengthening digital platforms such as the MyMTN application and the Ayoba super app, and growing the Mobile Money ecosystem through innovative financial services.
The company also expects service revenue growth in the high teens over the medium term while continuing to implement cost-efficiency measures and advance its Ambition 2025 strategy, including progress towards the localisation of Scancom PLC and its subsidiary, MobileMoney Limited.
MTN Ghana expressed appreciation to its customers, shareholders, employees, government, regulators and business partners for their continued support and reaffirmed its commitment to driving Ghana’s digital and economic development.
