Selorm Adadevoh speaking at MTN’s half-year result announcement
MTN Ghana CEO, Selorm Adadevoh, has reaffirmed the telecommunications commitment in pursuing its Ambition 2025; a strategy focused on revenue growth and cost efficiencies to unlock value for stakeholders.
MTN’s Ambition 2025 is anchored on building the largest and most valuable platform business using both mobile and fixed access networks across the consumer, enterprise, and wholesale segments.
Speaking at MTN’s half-year result announcement in Accra, Mr. Adadevoh indicated that the macroeconomic environment remained challenging in the first half of the year as inflation declined from the December 2022 peak of 54.1%, averaging 46.2% in the period (H1 2022: 21.7%).
Encouragingly, there was some relative stabilization in the Ghana cedi against the US$ in first 2023, helped by lower international crude oil prices.
Mr. Adadevoh said the relatively slow decline in the currency was supported by the progress made with the Domestic Debt Exchange Programme (DDEP) and the International Monetary Fund’s (IMF) balance of payment support to Ghana, of which US$600 million was received by the Ghana Government in May 2023.
“MTN Ghana will continue to leverage its expense efficiency initiatives and explore cost-mitigation efforts to minimize the adverse impact of macroeconomic challenges on the business. We will execute on commercial initiatives for the year and continue to invest to develop platforms and improve our network and services in line with our Ambition 2025 objectives”, he said.
On operational and financial review, he announced that MTN Ghana executed its commercial plans for the half-year and delivered growth in voice, data, and MoMo, supporting a 32.3% YoY growth in service revenue.
Addressing the national SIM re-registration, Mr. Adadevoh, said MTN Ghana in compliance with the directive received from the National Communications Authority (NCA), blocked 5.4 million SIMs not registered with the Ghana Card as of the 31 May 2023 deadline.
Customers with active SIMs that had not been registered with the Ghana card were blocked from all transactions on MTN Ghana’s network from 1 June 2023.
By Prince Fiifi Yorke