MTN Ghana has reaffirmed its role as a key contributor to the nation’s economy by paying a record GH₵8.6 billion in direct and indirect taxes in 2024.
This represents an increase from the GH₵5.9 billion paid in 2023, marking a 45.8% year-on-year growth in tax contributions.
The telecommunications giant’s tax payments per its 2024 annual report accounted for 50.3% of its total revenue, underscoring its commitment to fiscal responsibility and national development.
In addition to taxes, MTN Ghana also paid GH₵468.4 million in fees, levies, and other payments to government agencies.
MTN Ghana’s increased tax contribution is a reflection of its robust financial performance in 2024.

GH₵5.03bn profit after tax
It reported a GH₵5.03 billion profit after tax for 2024, a 26.3% increase from GH₵3.98 billion in 2023.
The company has also raised its total dividend payout by 35.6% to GH₵0.305 per share.
The strong performance reflects MTN Ghana’s resilience despite economic challenges.
Shareholders will benefit from a higher dividend, with 80.26% of profit after tax allocated for payouts.

GH₵0.24 per share dividend
A final dividend recommended for 2024 is GH₵0.24 per share, up from GH₵0.175 in 2023.
The ex-dividend date is April 2, 2025, while April 16, 2025, has been scheduled as the dividend payment date.
Shareholders registered by April 4, 2025, will qualify for the final dividend, pending shareholder approval.
MTN Ghana’s financial strength positions it well for further growth and investment in 2025.

34.5% increase in overall service revenue
The company achieved a 34.5% year-on-year increase in overall service revenue in 2024, delivered ahead of its targeted medium-term trend of high-twenties growth.

Data revenue register 53.8% increase
Data revenue experienced significant growth, rising by 53.8% year-on-year to GH₵9 billion.
This increase was driven by a 13.7% year-on-year rise in active data subscribers and increased smartphone adoption, which in turn led to a 19% increase in the megabytes consumed per active user per month.
The contribution of data revenue to total service revenue increased to 50.2% (2023: 43.9%).

Decline in voice revenue
Voice revenue decreased by 0.9% year-on-year to GH₵3.5 billion due to a shift from traditional calls to voice-over-internet protocol (VoIP) services, driven by increased smartphone adoption and data usage.
However, the CVM initiatives and other portfolio optimization initiatives supported a 13.5% growth in usage (measured by minutes).
The contribution of voice revenue to total service revenue declined to 19.7% (2023: 26.8%), reflecting the ongoing shift in contribution toward faster-growing products and services such as data and mobile financial services.

MoMo revenue records 54.4% increase
Mobile money revenue sustained its robust positive momentum with year-on-year revenue growth of 54.4% to GH₵4.4 billion. This growth was driven by a 12.8% year-on-year growth in active users, a review of the fee structure, and significant growth in advanced services.
Withdrawals recorded a strong growth of 45.2% year-on-year, while transfers grew by 44.6%.
MoMo’s revenue contribution to total service revenue increased to 24.9% (2023: 21.7%).

Digital revenue up 66.1%
Digital revenue experienced strong growth, with a year-on-year increase of 66.1%, reaching GH₵228.2 million.
This outcome was supported by an 11.7% year-on-year rise in active subscribers and increased usage of products and services such as video, gaming, and ring-back tones.
Enhanced customer experience and a suite of digital services supported the growth in the user base.
The contribution of digital to total service revenue increased to 1.3% (2023: 1.0%).
According to the telecom giant, its service revenue growth was supported by strong growth in data, mobile money (MoMo), and digital services.
Additionally, it was bolstered by ongoing investments aimed at improving 4G connectivity, which was complemented by initiatives to enhance overall customer experience and growth.

GH₵3.1bn investment in network and technology
Investment in network and technology consumed GH₵3.1 billion to maintain network quality, expand coverage and capacity, and improve IT systems.
These investments underpinned a 6.5% year-on-year growth in the subscriber base.
Commenting on the achievement, Stephen Blewett, MTN Ghana Chief Executive Officer (CEO), said, “Our strategic initiatives and commitment to operational efficiency have delivered strong results, ensuring we continue to create value for our shareholders.”