MTN Ghana has begun 2025 on a strong note, posting remarkable financial results for the first quarter. The telecom giant reported a total revenue of GH₵5.4 billion, representing a 39.4% year-on-year increase.
This performance highlights the company’s ability to stay ahead despite economic challenges and increasing market competition.
The company’s profit after tax also soared to over GH₵1.7 billion, reflecting robust operational efficiency.
According to the financial statement published on the Ghana Stock Exchange, these results stemmed from effective commercial strategies and targeted investments across its core business lines: data, digital services, voice, and Mobile Money.
Chief Executive Officer Stephen Blewett noted that the success came from focused execution and growing customer demand.
“The first quarter of 2025 was characterized by solid execution of our commercial strategy, culminating in a 5.2% expansion of our subscriber base and a 39.6% increase in service revenue,” he stated.
Strong Momentum Across Key Business Segments
MTN’s service revenue climbed by 39.6% to GH₵5.35 billion, supported by rising usage of its connectivity and fintech services. This growth exceeded both the company’s medium-term guidance and the inflation rate for the period.
In response to rising demand, MTN invested GH₵779.5 million in network quality and capacity, helping to add 1.5 million new subscribers. By the end of March, the total subscriber base had reached 29.2 million, with 4G coverage standing at 99.3%.
Furthermore, data revenue surged by 54.9% year-on-year to GH₵2.8 billion. This was driven by a 10.8% increase in active subscribers and higher average data consumption, which rose by nearly 40% to 13.4GB per user. Notably, data now contributes more than half (52.6%) of the company’s total service revenue, up from 47.4% the previous year.
In contrast, voice revenue grew more modestly at 6.2%, reaching GH₵951 million. While voice services benefited from a 5.2% subscriber growth and improvements in call quality, their contribution to service revenue declined to 17.8%, a clear indication of shifting consumer preferences toward digital and internet-based communication.
Profitability, Investments, and the Rise of Mobile Money
MTN Ghana also recorded a profit before tax of GH₵2.43 billion. The company paid GH₵719.7 million in taxes, nearly double the amount paid in the same period last year. Although capital expenditure dropped by 3.6% to GH₵1.17 billion, investments remained focused on strengthening infrastructure and digital capacity.
Digital services, while still a small portion of total revenue, showed significant promise. Revenue from this segment grew by 65.4% to GH₵82.1 million. Improved offerings, such as gaming, video streaming, and exclusive entertainment content, helped increase the number of active users by 14.7% to 5.3 million.
Most notably, Mobile Money (MoMo) continued its upward trajectory. Revenue from MoMo rose by 53.1% to GH₵1.3 billion. This growth was underpinned by a 44.8% rise in basic services and an impressive 72.4% increase in advanced services.
Transaction volume and value also rose sharply, by 19.7% and 94.8% respectively, reflecting the platform’s growing relevance in Ghana’s digital economy. Consequently, MoMo now contributes nearly 25% of total service revenue, up from 22.7% last year.
Outlook
Overall, MTN Ghana’s Q1 2025 results signal a strong start to the year. The company’s emphasis on innovation, customer experience, and infrastructure expansion is paying off. If the current momentum continues, MTN appears well-positioned to maintain its leadership in Ghana’s telecom and digital financial services sectors.
