The Group Chief Executive Officer of MTN Group, Ralph Mupita, has signalled a possible strategic shift in the company’s infrastructure posture, revealing that the telecommunications giant is considering the reacquisition of certain tower assets previously divested more than a decade ago.
The issue formed a key part of discussions during his recent visit to Ghana at the beginning of 2026—a visit he described as both symbolic and strategic.
Strategic reassessment of tower assets
Many of the towers under consideration were originally owned by MTN before being sold as part of a broader industry trend that saw telecom operators spinning off passive infrastructure to independent tower companies.
At the time of the divestment, Mupita explained, the decision made sound strategic and financial sense.
The telecommunications market landscape was markedly different.
In many countries, there were four or five mobile network operators competing within a single market.
This structure made tenancy-sharing models viable and attractive, as multiple operators could co-locate on shared tower infrastructure, improving utilisation rates and enhancing tower economics while reducing capital intensity for individual operators.
However, according to Mupita, the global telecom environment has evolved significantly since then.
Industry consolidation across several markets has reduced the number of operators, fundamentally altering the tenancy dynamics that once underpinned the tower-sharing business model.
Fewer operators in a market mean fewer potential tenants per tower, shifting the economic assumptions that informed earlier divestment decisions.
At the same time, the explosion in data consumption has placed unprecedented demands on network infrastructure.
Towers today are required to support heavier traffic loads, more advanced technologies and increased energy consumption.
The transition to 4G and the anticipated growth of 5G services have further intensified the need for robust and resilient infrastructure.
Compounding these structural shifts are macroeconomic pressures, including exchange rate volatility, inflation and rising energy costs.
These factors have significantly influenced the economics of tower operations, particularly in emerging markets where currency fluctuations and power supply challenges can materially affect operating expenses.
In this new environment, Mupita indicated that owning critical infrastructure assets such as towers and data centres is becoming strategically important once again.
Connectivity infrastructure, he argued, is no longer merely a commercial asset.
It underpins economic prospects, supports national development objectives and carries broader security implications.
As digital connectivity becomes foundational to public services, financial systems, enterprise operations and daily life, control over core infrastructure assumes greater strategic weight.
While any reacquisition remains subject to regulatory approvals and shareholder processes, Mupita stressed that the potential move aligns with MTN Group’s long-term infrastructure ambitions. Greater ownership of strategic assets, he suggested, would give the company enhanced control over service quality, network resilience and future capacity expansion.
Ghana visit: Symbolism and strategy
Mupita described his early 2026 visit to Ghana as deliberate and meaningful.
Ghana, he said, “feels like home,” reflecting the Group’s longstanding presence and deep investment footprint in the country.
Beginning the year in Ghana was intended to send a clear signal about the company’s priorities.
It provided an opportunity to engage directly with MTN Ghana’s leadership team, board members, regulators and key government stakeholders, reinforcing the Group’s commitment to the market.
Over the course of the two-day visit, Mupita paid courtesy calls on officials at the Bank of Ghana, the Ghana Investment Promotion Centre, and the Minister for Communications, Digital Technology and Innovations, Sam George.
He characterised the engagements as constructive and forward-looking, centred on aligning MTN Group’s strategy with Ghana’s national development agenda and reaffirming its long-term investment intentions.
According to Mupita, a central objective of the visit was to re-commit MTN Group’s position in Ghana as a leading investor in digital infrastructure and financial inclusion.
The company sees Ghana as a strategic market within its pan-African portfolio, and he emphasised that sustaining investment in network capacity and digital platforms remains a priority.
