MTN Ghana recorded a 34.5% year-on-year (YoY) increase in service revenue of GHS 17.9 billion for the 2024 financial year, surpassing its medium-term target of high-twenties growth. The strong performance was driven by robust data and mobile money (MoMo) revenues, supported by sustained investments in 4G connectivity and customer experience initiatives.
Data and MoMo Lead Revenue Expansion
Data revenue surged 53.8% YoY to GHS 9.0 billion, fueled by a 13.7% rise in active data subscribers and increased smartphone adoption. The average megabytes consumed per user rose 19.0% YoY, contributing to a 35.3% increase in network data traffic. As a result, data revenue accounted for 50.2% of total service revenue, up from 43.9% in 2023.
MoMo revenue maintained its growth trajectory, increasing 54.4% YoY to GHS 4.4 billion. The expansion was driven by a 12.8% rise in active users, a review of the fee structure, and strong growth in advanced services such as digital payments and lending, which soared 82.8% YoY. MoMo’s contribution to total service revenue rose to 24.9%, up from 21.7% in the previous year.
In contrast, voice revenue declined 0.9% YoY to GHS 3.5 billion, reflecting a continued shift from traditional calls to voice-over-internet protocol (VoIP) services. While overall call usage increased 13.5%, lower pricing strategies led to a reduced contribution of 19.7% to total revenue, down from 26.8% in 2023.
Profitability and Tax Contributions
MTN Ghana’s EBITDA increased by 31.3% YoY to GHS 10.2 billion, although its EBITDA margin declined 1.4 percentage points (pp) to 57.1%. The margin contraction was attributed to macroeconomic challenges and base effects from the management fee adjustment in 2023. Adjusted for this factor, the EBITDA margin would have improved by 1.0pp YoY.
Profit after tax rose 26.3% YoY to GHS 5.0 billion, despite a 59.7% increase in direct tax charges to GHS 2.6 billion. MTN Ghana reaffirmed its role as a key fiscal contributor, paying GHS 8.6 billion in direct and indirect taxes, alongside GHS 468.4 million in fees, levies, and other regulatory payments—equivalent to 50.3% of total revenue.
Outlook
MTN Ghana’s performance underscores shifting consumer preferences toward data and digital financial services, with strong momentum in MoMo and digital products. As macroeconomic conditions evolve, the company’s ability to sustain growth will depend on continued network investment, regulatory engagement, and strategic pricing adjustments in response to market trends.
Norvan Reports
