MTN Ghana has delivered an impressive first-quarter performance, reporting a post-tax profit of GHS1.7 billion for the three months ending March 31, 2025—representing a 53.7% increase over the same period last year, despite prevailing economic challenges.
The telecommunications giant, officially registered as Scancom PLC, posted service revenue of GHS5.4 billion, up 39.6% year-on-year, driven by strong momentum across its data, Mobile Money (MoMo), digital services, and voice segments. The results reflect sustained execution of MTN’s commercial strategy and robust demand for digital connectivity and financial services.
Chief Executive Officer Stephen Blewett credited the record-breaking performance to strategic investments in network expansion, customer experience, and product diversification. “Despite macroeconomic pressures, our growth trajectory remains strong, underpinned by the disciplined delivery of our Ambition 2025 strategy,” he stated.
MoMo and Data Drive Growth
Mobile Money remained a standout performer, with revenue surging 53.1% to GHS1.3 billion. The platform now boasts 17.4 million active users—an 11.5% rise—benefiting from increased transaction volumes and expanding financial services such as lending and digital payments.
Data revenue climbed by 54.9% to GHS2.8 billion, now accounting for 52.6% of total service revenue, up from 47.4% a year ago. This surge was driven by a 39.7% rise in average monthly data usage per user and growing demand for digital connectivity. Active data subscribers reached 17.8 million, representing a 10.8% increase, while overall mobile subscribers rose 5.2% to 29.2 million.
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Digital services recorded the highest segmental growth—up 65.4%—on the back of increased uptake in streaming, gaming, and content services. The number of digital users rose to 5.3 million.
Voice revenue also grew moderately by 6.2% to GHS951 million, indicating a continued, though gradual, shift toward data-based communication.
Resilient Margins and Strategic Investments
The strong revenue performance translated into earnings before interest, tax, depreciation, and amortisation (EBITDA) of GHS3.1 billion—a 45.0% increase—while EBITDA margin improved to 58.1%, up 2.2 percentage points.
Capital expenditure for the quarter reached GHS1.2 billion, with GHS779.5 million (excluding leases) channelled into expanding 4G coverage, strengthening IT infrastructure, and enhancing overall network resilience. MTN now covers 99.3% of Ghana’s population with 4G services.
Despite operating in a high-inflation environment averaging 23.0% and a 17.1% depreciation of the cedi against the US dollar, MTN Ghana managed to reduce its net finance costs through improved debt management and returns from fixed-income investments.
Policy and Social Impact
The recent repeal of the Electronic Transfer Levy (E-Levy) is expected to boost MoMo adoption further. MTN has already implemented necessary system adjustments and anticipates increased digital financial activity as a result.
Beyond its commercial performance, MTN Ghana reinforced its commitment to social impact through its Foundation. In Q1 2025 alone, the Foundation rolled out a 40-seat ICT lab at Yilo Krobo SHS, provided 500 STEM scholarships, facilitated the donation of 6,000 units of blood, and supported 200 micro and small businesses—prioritising women, youth, and persons with disabilities.
A key milestone during the quarter was the signing of a long-term national roaming agreement with Telecel Ghana. The move builds on an earlier pilot and is expected to significantly improve mobile access across underserved areas, aligning with national digital transformation goals.
Outlook
MTN Ghana has revised its medium-term service revenue growth guidance to the low- to mid-thirties in percentage terms. The company also expects margins to remain in the mid-fifties range as it continues to prioritise cost efficiency, digital innovation, and infrastructure investment under its Ambition 2025 strategy.
With rising demand for data and digital services, MTN Ghana appears well-positioned to navigate economic volatility and maintain its lead in the telecoms sector.
