Stephen Blewett
Chief Executive Officer, MTN Ghana, Stephen Blewett has announced that despite the challenges posed by high inflation and the ongoing depreciation of the Ghanaian cedi in 2024, the company achieved an impressive 34.5% year-on-year increase in service revenue, surpassing its guidance of high twenties growth for the year.
Mr. Blewett who made this declaration during the annual general meeting, emphasized that the growth in revenue reflects not only the rising demand from its customer base but also the strategic investments made to enhance 4G connectivity, which have improved customer acquisition and overall engagement.
He noted that the company invested GH¢3.1 billion in capital expenditures this year to maintain high network quality, expand geographic coverage, and upgrade its technological infrastructure. These strategic initiatives resulted in MTN Ghana securing the top position in Net Promoter Score (NPS) within the telecommunications sector, contributing to a robust 6.5% year-on-year growth in its customer base, which now totals an impressive 28.5 million.
The annual report highlighted significant growth in data revenue, which increased by 53.8% year-on-year to GH¢9.0 billion, driven by enhancements in network connectivity that facilitated a 13.7% rise in active data subscribers, bringing the total to approximately 17.5 million. Additionally, the report indicated a 19.0% increase in the average megabytes consumed per active user each month, rising to an average of 10.2GB.
Mr. Blewett said this reflects a deeper reliance on data services for daily activities. Data traffic soared by an impressive 35.3% year-on-year, with the share of data revenue in total service revenue rising notably from 43.9% to 50.2%, underscoring the critical role of data services in MTN Ghana’s overall business strategy and financial performance.
Mobile Money revenue also saw significant growth, recording a year-on-year increase of 54.4%, reaching a total of GH¢4.4 billion, driven by a 12.8% rise in active subscribers and a notable 17.4% increase in transactional activities. Withdrawal revenue increased by 45.2% year-on-year, while transfer revenue rose significantly by 44.6%.
He said the contribution of Mobile Money to total service revenue increased by 3.2 percentage points, from 21.7% in the previous year to 24.9%. Digital revenue experienced strong growth as well, with a year-on-year increase of 66.1%, culminating in a total of GHS228.2 million.
This impressive performance was bolstered by an 11.7% rise in active subscribers, reflecting successful strategies for expanding the customer base. Looking ahead, Stephen Blewett cautioned that the macroeconomic outlook for Ghana in 2025 is expected to remain challenging due to risks associated with elevated inflation and currency depreciation.
“These factors may negatively impact economic growth and increase pressure on consumer spending,” he stated. “However, we will actively pursue cost efficiencies and remain committed to enhancing our network resilience while embracing innovative technologies,” he said.
BY Prince Fiifi Yorke