MTN Ghana Profit Surpasses MTN Nigeria by $56 Million

MTN Ghana’s profit has surpassed MTN Nigeria’s by $56 million, surprising a lot of people in the telecom world. Even though Nigeria has almost three times more customers than Ghana, MTN Ghana profit surpasses MTN Nigeria in a big way. This shows that sometimes, smaller markets can do better than bigger ones.

The CEO of MTN Ghana, Stephen Blewett, shared some important numbers on LinkedIn recently. He revealed that MTN Ghana made ₵3.6 billion, which is about $327 million, after tax in the first half of 2025. Meanwhile, MTN Nigeria’s profit after tax was ₦414.9 billion, roughly $271 million, for the same period. This means MTN Ghana profit surpasses Nigeria’s by $56 million. That’s a clear win for MTN Ghana.

Why did this happen? Well, Ghana’s economy is doing better. The local currency, the cedi, has stayed steady. Inflation is going down, and the government has made changes to help the tech business grow. This created a good environment for MTN Ghana to make money. On the other hand, Nigeria’s economy has been struggling. The naira, Nigeria’s currency, has lost value, which made profits look smaller when counted in US dollars. This alone helped MTN Ghana profit surpass MTN Nigeria by $56 million, even with fewer users.

MTN Ghana’s Profit Surged by 56% in the First Half of the Year, Driven by Growth in Data and Fintech Services

But there’s more to it than just currency differences. MTN Ghana’s 30.2 million customers bring in more money per person than MTN Nigeria’s 84.7 million customers. How? MTN Ghana is making big money from digital services like mobile money and fintech. These services have grown fast, with data earnings up over 30% and fintech income jumping nearly 50%. Ghana’s mobile money transactions have increased a lot, helping them cut costs and make more profit.

MTN Ghana also runs its business very efficiently. Its profit margin, which shows how much money they keep after costs, is 58.4%. MTN Nigeria’s margin is only 50.6%. This means MTN Ghana keeps more of what it earns, helping explain why MTN Ghana profit surpasses Nigeria’s by $56 million.

Nigeria is still trying to recover from big losses in early 2024, especially related to losing money on currency changes. Even though Nigeria’s service income grew by 32.6%, inflation and falling currency value took much of that away. This is one reason why MTN Ghana profit surpasses MTN Nigeria despite Nigeria’s larger market.

Many people thought bigger markets would always make more money. But MTN Ghana profit surpasses MTN Nigeria by $56 million, proving that having a stable economy, focusing on digital products, and running business smartly matters more than just size.

For MTN Group, which works in 19 countries, this could mean thinking again about how they invest and run their business. Smaller countries like Ghana that are more stable might be better for making steady profits than bigger, less stable ones like Nigeria.

This shows how different economies and smart business decisions can change the game for telecom companies. Right now, MTN Ghana profit surpasses Nigeria’s by $56 million, and it’s a clear sign that bigger isn’t always better.

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