For the first quarter that ended on March 31, MTN Ghana’s subscriber base grew by 5.2 percent to 29.2 million, demonstrating how artificial intelligence (AI) in customer value management initiatives helped the company improve user experience across its service offerings.
MTN Ghana’s CEO Stephen Blewett said that the Q1 2025 financial performance is a result of the organisation’s “robust operational strategies and commitment to efficiency.”
MTN Ghana’s revenue increases by 39.6% to GHS 5.3 billion
In the first quarter (Q1) of 2025, MTN Ghana reported a strong financial and operational performance as service revenue increased by 39.6 percent to GHS 5.3 billion, emphasising ongoing growth across key business segments.
EBITDA (earnings before interest, tax, depreciation, and amortisation) increased 45.0 percent to GHS3.1 billion. The EBITDA margin also increased by 2.2 percentage points (pp) to 58.1 percent.
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MTN Ghana’s profit increases by 53.7% to GHS1.7 billion
Profit after tax increased by 53.7 percent to GHS 1.7 billion while earnings per share increased to GHS0.1292. GHS1.2 billion was spent on capital projects (GHS0.8 billion excluding leases), and GHS2.7 billion was spent on direct and indirect taxes (2024: GHS1.7 billion).
Active data subscribers increased by 10.8 percent to 17.8 million, mobile subscribers increased by 5.2 percent to 29.2 million, and MoMo users increased by 11.5 percent to 17.4 million during the review period.
Subscribers growth, mobile money, data services drives MTN Ghana’s Q1 2025 growth
Growth in subscribers, Mobile Money, data services, and higher service revenue were the main drivers of MTN Ghana’s impressive Q1 2025 results.
Stephen Blewett, the CEO of MTN Ghana, claims that strategic investments and initiatives across the telco’s primary business lines—data, digital services, voice communications, and Mobile Money (MoMo)—are responsible for this performance.
MTN Ghana’s CEO expresses enthusiasm about Q1 2025 performance
Blewett commented on the company’s overall success: “As we assess our performance for the first quarter of 2025, it is important to contextualise our achievements within the broader economic landscape of Ghana.”
“During this period, the nation experienced mixed macroeconomic trends. In Q1 2025, the Ghana cedi was 17.1 percent weaker on a YoY basis relative to the US dollar, according to the Bank of Ghana interbank rates,” he noted.
He continued, “Inflation remained a significant concern, though slightly moderated from the 23.8 percent recorded in December 2024 to 22.4 percent at the end of March 2025. The average inflation rate for the first quarter of 2025 was 23.0 percent. Although inflation is expected to gradually ease in the near to medium term, the generally high inflationary environment has resulted in upward pressure on business costs.”
Nonetheless, on a positive note, Blewett said: “The government’s decision to abolish the e-levy tax on Mobile Money transactions, effective April 2, 2025, represents a pivotal shift in the regulatory environment.”
He added, “The removal of the levy is expected to not only alleviate the financial burden on consumers but also stimulate growth in the Mobile Money sector, thereby deepening Ghana’s digital and financial inclusion efforts.”
Key highlights of MTN Ghana’s Q1 2025 performance
Mobile subscribers increased by 5.2 percent to 29.2 million
Active data subscribers increased by 10.8 percent to 17.8 million
Active Mobile Money (MoMo) users increased by 11.5 percent to 17.4 million
Service revenue increased by 39.6 percent to GHS5.3 billion
Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 45 percent to GHS3.1 billion
EBITDA margin increased by 2.2 percentage points (pp) to 58.1 percent
Profit after tax (PAT) increased by 53.7 percent to GHS1.7 billion
Earnings per share (EPS) increased by percent to GHS0.1292
Total capital expenditure (capex) of GHS1.2 billion^ (GHS0.8 billion, ex-leases)
Paid GHS2.7 billion in direct and indirect taxes (2024: GHS1.7 billion)