MTN Ghana boosts economy with GHS 6.1bn tax payment

MTN Ghana’s third-quarter financials reveal a significant GHS 6.1 billion in direct and indirect taxes paid to the Ghanaian government for the nine-month period ending September 30, 2024.

This marks a 49.5% increase in tax contributions year-on-year, underscoring the company’s growing fiscal role in Ghana.

Despite economic challenges, MTN Ghana reported a robust 32% year-on-year growth in service revenue, reaching GHS 12.7 billion, driven by strong performances in data and Mobile Money (MoMo) services.

The company’s Earnings before interest, tax, depreciation, and amortization (EBITDA) also saw a substantial rise of 32.2%, totaling GHS 7.2 billion with an improved EBITDA margin of 56.2%. Profit after tax grew by 35.5%, reaching GHS 3.8 billion.

According to the report , MTN’s data revenue saw a notable increase of 53.4%, largely due to a 17.3% expansion in active data subscribers, while MoMo services surged by 50.8%, reflecting the company’s successful push in fintech solutions.

The company also invested heavily in network expansion, with a capital expenditure of GHS 3.7 billion to improve service delivery.

Amid a challenging economic backdrop characterized by high inflation and currency depreciation, MTN Ghana’s sustained growth and tax contributions underpins its resilience and commitment to contributing to Ghana’s economy.

The company’s strategic focus remains on expanding digital services and supporting the nation’s economic development through initiatives like scholarships and a seed capital fund for MSMEs.

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