CEO of MTN Ghana, Selorm Adadevoh, in his comments contained in the report said “Enhancements to the network and IT systems were made possible through an investment of GHS2.2 billion in total capex. We grew our 4G coverage to 99.3% of the population and rolled out 156 2G, 159 3G and 156 4G sites in the first half of 2023. Capex growth of 97.4% Year-on-Year was driven by acquisition of spectrum licenses, accelerated infrastructure deployment as well as an increase in International Financial Reporting Standards (IFRS16) lease costs which was driven by inflation-induced escalations on tower lease agreements.

MTN Ghana in fulfilment of its obligations to the Government and its agencies, also paid the equivalent of 48% of its revenue in taxes, levies and payments to governmental agencies. Selorm Adadevoh reiterated that, MTN Ghana is a tax compliant corporate citizen and contributes significantly to Ghana’s fiscal and socioeconomic development. In the first half of 2023, MTN Ghana contributed GHS2.7 billion in direct and indirect taxes, as well as GHS228 million in fees, levies and other payments to Governmental agencies.

Selorm Adadevoh reassured stakeholders of MTN Ghana’s continuous investment to develop platforms and improve its network and services to unlock value for stakeholders in line with the company’s Ambition 2025 strategy. In his response to the potential risk of Ghana’s macroeconomic challenges on the business, Selorm Adadevoh said that the company will continue to explore efficiency measures, preserve liquidity and apply spend discipline to mitigate the business impact from the prevailing macroeconomic uncertainties.

MTN Ghana in creating shared value, continued its social intervention programmes, making significant progress on some key projects. According to the CEO, MTN Ghana remains committed to improving the lives of Ghanaians through appropriate and sustainable socioeconomic interventions and has made considerable progress in the construction of a 60-bed maternity and neonatal centre for the Keta Municipal Hospital and a STEM robotics lab for the Mamfe Girls’ School. It is expected that these projects will be completed in the second half of 2023 and handed over to the appropriate authorities.

MTN Ghana also announced adjustments in its market guidance on business performance over the medium term. Selorm Adadevoh said “Going into the second half of 2023, we do take cognisance of the possible dampening effect on Ghana’s economy from upward inflationary pressures, risks from Ghana’s debt sustainability and currency volatility. However, based on the effective execution of our business strategy, MTN Ghana has revised its medium-term guidance upwards from low-twenties to high-twenties (in percentage terms) growth in service revenue.”

MTN Ghana recorded a 27.9% increase in profit after tax of GHS1.77 billion in the first half of 2023. Earnings before interest, tax, depreciation and amortization (EBITDA) also increased by 29.4% to GHS3.5 billion while EBITDA margin decreased by 1.3 percentage points (pp) to 56.1%. Selorm Adadevoh attributed this performance to the effective execution of commercial plans, driving operational efficiencies, and creating shared value for its stakeholders despite a challenging macroeconomic environment in the first half of 2023.

MTN Executives, some Shareholders and Investors at the MTN Half Year Results Announcement

Antoinette Kwofie, Chief Finance Officer of MTN Ghana speaking during the Half Year Results Announcement

Selorm Adadevoh, Chief Executive Officer (left) & Antoinette Kwofie, Chief Finance Officer at MTN Ghana responding to questions during the 2023 Half Year Results Announcement.