MTN Ghana has delivered an outstanding financial performance in 2024, posting an impressive 34.5% growth in service revenue, driven by surging mobile data usage, expanded 4G and 5G coverage, and an unprecedented rise in mobile money transactions.
Presenting the company’s 2024 Annual Report at the 7th Annual General Meeting, Chief Executive Officer Stephen Blewett highlighted the strategic initiatives that propelled MTN Ghana’s performance.
“Our year-on-year service revenue increase of 34.5% exceeded expectations, thanks to our expanding data services, Mobile Money (MoMo) growth, and continuous digital innovation. Our aggressive investment in network expansion, particularly in 4G technology, has significantly boosted customer acquisition and engagement,” Blewett stated.
MTN Ghana’s data revenue surged by 53.8% year-on-year to GHS9.0 billion, fueled by improved network infrastructure and growing customer demand. Meanwhile, Mobile Money revenue recorded a 54.4% increase, reaching GHS4.4 billion, reflecting the platform’s integral role in Ghana’s digital financial ecosystem.
Despite its strong financial results, MTN Ghana remains cautious about the macroeconomic landscape. Blewett acknowledged that inflationary pressures and currency depreciation could present hurdles in 2025.
“We anticipate continued economic challenges, including inflationary risks and currency fluctuations, which may impact consumer spending and economic growth. However, we remain committed to cost efficiency and strategic investments to sustain our growth trajectory,” he affirmed.
Board Chairman Ishmael Yamson announced a final dividend of 24 pesewas per share, payable on April 16, 2025, in recognition of the company’s robust financial performance.
“Given our strong results, the Board of Directors is pleased to recommend a final dividend of 24 pesewas per share for shareholder approval,” Yamson stated.
The total dividend for the 2024 financial year stands at 30.5 pesewas per share, incorporating a prior interim payout of 6.5 pesewas per share in September 2024. This amounts to a GHS4.0 billion dividend payout—80% of MTN Ghana’s GHS5.0 billion profit after tax representing a substantial 35.6% increase in dividend per share from 2023.
Outlook for 2025: Sustaining Momentum Amid Challenges
MTN Ghana says it remains focused on sustaining its growth through strategic digital investments, enhanced financial services, and continued network expansion. As the company navigates economic uncertainties, its commitment to innovation and operational excellence positions it for sustained market leadership in Ghana’s telecommunications and fintech sectors.
