MTN Ghana Sees GHS17.9 Billion Revenue Surge in 2024 Despite Inflation and Cedi Devaluation

MTN Ghana has achieved remarkable financial success in 2024, reporting a total revenue surge of GHS17.9 billion, marking a significant 34.4% increase from GHS13.3 billion in 2023.

This impressive growth comes despite the challenges of inflation and the devaluation of the Ghanaian cedi, which have put pressure on businesses and consumers alike. The company’s performance underscores its resilience and ability to adapt to a tough economic environment.

The surge in revenue was primarily driven by the strong performance of MTN Ghana’s digital services, Mobile Money (MoMo), and data offerings. Service revenue alone grew by 34.5% year-on-year, exceeding the company’s medium-term growth target.

Investments in expanding 4G connectivity, improving customer experience, and upgrading IT systems played a key role in this achievement. MTN Ghana spent GHS3.1 billion to enhance its network capacity and maintain quality, ensuring it could meet growing customer demand.

Data services were a standout contributor to MTN Ghana’s revenue surge in 2024. Data revenue increased by an impressive 53.8% year-on-year to GHS9.0 billion, driven by a 13.7% rise in active data users and greater smartphone adoption.

This led to a 19% increase in the amount of data consumed per user each month, boosting overall network traffic by 35.3%. Data now accounts for 50.2% of MTN Ghana’s total service revenue, up from 43.9% in 2023.

Mobile Money (MoMo) also experienced significant growth, with revenue climbing by 54.4% year-on-year to GHS4.4 billion. The rise was fueled by a revised pricing structure, an expansion of advanced services like loans and payments, and a 12.8% increase in active MoMo users. Transfers and withdrawals saw notable growth, while advanced services surged by an impressive 82.8%. MoMo now contributes 24.9% to MTN Ghana’s total service revenue, up from 21.7% the previous year.

However, not all segments performed equally well. Voice revenue declined slightly by 0.9% year-on-year to GHS3.5 billion as customers increasingly shifted from traditional calls to internet-based voice services (VoIP). Despite this dip, overall call usage grew by 13.5%, reflecting ongoing demand for communication services.

MTN Ghana’s profitability also improved significantly in 2024, with EBITDA rising by 31.3% to GHS10.2 billion. However, the EBITDA margin fell slightly to 57.1%, partly due to macroeconomic challenges and higher costs driven by inflation and currency depreciation.

The broader economic environment in Ghana remained challenging throughout the year, with inflation averaging 22.9%—a drop from the previous year but still high—and the cedi losing 19.2% of its value against the US dollar. These factors increased operational costs for businesses like MTN Ghana but did not deter the company from maintaining its growth trajectory.

MTN Ghana’s CEO, Stephen Blewett, credited the company’s success to its strategic focus on digital services and customer-centric initiatives despite the difficult economic conditions. The company remains committed to its Ambition 2025 strategy, which aims to sustain growth through investments in technology and innovation while navigating macroeconomic challenges.

As one of Ghana’s largest corporate taxpayers, MTN Ghana paid GHS8.6 billion in taxes in 2024—50.3% of its total revenue—further solidifying its role as a key contributor to the nation’s economy.

MTN Ghana’s GHS17.9 billion revenue surge highlights its ability to thrive even amid inflation and cedi devaluation, thanks to its strategic investments and focus on fast-growing sectors like data and MoMo services.

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