Accra: MTN Ghana has reported a 34.5 percent growth in service revenue, primarily driven by increased mobile data usage, expanded 4G and 5G coverage, and a rise in mobile money transactions.
According to Ghana News Agency, during the company's 2024 Annual Report presentation at the 7th Annual General Meeting, Mr. Stephen Blewett, Chief Executive Officer (CEO), outlined the strategic initiatives that propelled MTN Ghana's performance. He stated that the company's year-on-year service revenue increase exceeded expectations due to expanding data services, Mobile Money (MoMo) growth, and ongoing digital innovation. The CEO emphasized aggressive investment in network expansion, particularly in 4G technology, as a significant factor in boosting customer acquisition and engagement.
MTN Ghana's data revenue surged by 53.8 percent year-on-year to GHS9.0 billion, driven by improved network infrastructure and growing customer demand. Meanwhile, Mobile Money revenue recorded a 54.4 percent increase, reaching GHS4.4 billion, underscoring the platform's vital role in Ghana's digital financial ecosystem.
Despite the strong financial results, MTN Ghana remains cautious about the macroeconomic landscape. The CEO acknowledged potential challenges such as inflationary pressures and currency depreciation that could present hurdles in 2025. He expressed concern about ongoing economic challenges, including inflationary risks and currency fluctuations, which may impact consumer spending and economic growth. However, he affirmed the company's commitment to cost efficiency and strategic investments to maintain its growth trajectory.
In recognition of the company's robust financial performance, Mr. Ishmael Yamson, Board Chairman of MTN Ghana, announced a final dividend of 24 pesewas per share, payable on April 16, 2025. He stated that the Board of Directors is pleased to recommend this final dividend for shareholder approval. The total dividend for the 2024 financial year amounts to 30.5 pesewas per share, incorporating a prior interim payout of 6.5 pesewas per share in September 2024. This results in a GHS4.0 billion dividend payout, representing 80 percent of MTN Ghana's GHS5.0 billion profit after tax, and marks a substantial 35.6 percent increase in dividend per share from 2023.
MTN Ghana assured customers of its focus on sustaining growth through strategic digital investments, enhanced financial services, and continued network expansion.
