MTN reports 34.5% revenue surge

At the annual general meeting (AGM) in Accra, Ishmael Yamson, Board Chairman of Scancom PLC, discussed revenue growth. He credited this growth to strategic initiatives aimed at improving customer engagement and expanding services.

**Tax Contribution and Mobile Money Growth**

In 2024, MTN Ghana contributed GH¢9.1 billion to government revenue. Of this amount, GH¢8.6 billion came from direct and indirect taxes. The electronic levy (E-levy) contributed GH¢1.5 billion.

MTN's mobile money (MoMo) segment saw a 54.4 percent year-on-year revenue increase, reaching GH¢4.4 billion. This growth was fueled by a 12.8 percent rise in active subscribers.

Transactional activity on the MoMo platform grew by 17.4 percent. Transfer revenues surged by 44.6 percent, while withdrawal revenues increased by 45.2 percent.

MoMo's contribution to total service revenue rose from 21.7 percent to 24.9 percent over the year.

Stephen Blewett, MTN Ghana’s CEO, highlighted MoMo's growing importance for revenue diversification and future growth potential.

**Outlook for 2025**

Blewett acknowledged the challenging macroeconomic outlook for 2025. He warned that economic pressures could impact growth and consumer spending.

“MTN Ghana will pursue cost efficiencies,” he said, “to mitigate inflation effects on operational costs.”

Despite these challenges, the company aims to sustain growth through strategic investments and operational efficiency.

To address network challenges faced by customers, MTN spent GH¢3.1 billion on ex-lease capex this year. This investment helped maintain high network quality and expand coverage.

Blewett noted successful upgrades across the Greater Accra Region improved service delivery significantly.

These strategic investments led to a robust customer base growth of 6.5 percent.

In the past year, there was an inverse relationship between data and voice revenue for MTN Ghana. Data revenue grew by 53.8 percent to GH¢9 billion while voice revenue decreased by 0.9 percent to GH¢3.5 billion.

Blewett attributed data revenue increases to better network connectivity which raised active data subscribers by 13.7 percent—totaling approximately 17.5 million users.

He explained that the decline in voice calls resulted from a shift towards Voice over Internet Protocol (VoIP) services among customers.