Shareholders of MTN Ghana have approved a final dividend of GH₵0.48 per share for the 2025 financial year, representing a significant 57.4% increase in total cash dividends to GH₵6.4 billion.
The announcement was made at the company’s Annual General Meeting (AGM) held in Accra.
The company recorded a profit after tax of more than GH₵7.8 billion in 2025, reflecting a 55% increase from the GH₵5 billion posted in 2024.
The performance was driven by sustained growth across its core business segments, particularly data and Mobile Money services.
Addressing shareholders, the Board Chairman, Ishmael Yamson, said the global economy in 2025 was shaped by intense volatility, largely due to geopolitical tensions and trade disputes led by the United States.
“While these factors dampened growth prospects globally, the surge in Artificial Intelligence investments, estimated at about $1.5 trillion, has provided optimism for productivity-driven expansion,” he stated.
He further noted that Ghana’s macroeconomic environment showed signs of stability in 2025 but cautioned that pressures remain.
“After a stable 2025, the cedi is projected to experience modest depreciation in 2026. While higher gold prices and the Bank of Ghana’s new forex framework may offer some support, increased domestic liquidity and robust infrastructure spending could exert additional downward pressure on the currency,” Mr Yamson explained.
He, however, expressed confidence in the country’s growth trajectory, citing ongoing fiscal and monetary reforms.
“Against the backdrop of continued improvements in fiscal and monetary management, the government expects growth prospects for 2026 to remain robust, underpinned by infrastructure investment, an accommodative monetary policy, and stable prices,” he said.
He added that policy interventions such as Value Added Tax (VAT) reductions would help stimulate consumption and lower business costs, while the Information Communication Technology (ICT) sector is expected to maintain strong momentum.
“The ICT sector is poised for a ninth consecutive year of double-digit expansion, driven by digitalisation and AI adoption,” he emphasised.
Touching on the impact of global disruptions on the company’s operations, Mr Yamson assured shareholders of management’s preparedness.
“We are mindful of the uncertainties in the global environment, but history has shown that some businesses thrive in challenging periods. We will continue to do our best to scale these challenges. We will still perform,” he said.
Chief Executive Officer (CEO) of MTN Ghana, Stephen Blewett, in his operational and financial review, noted a 36.2% year-on-year growth in service revenue to GH₵24.4 billion.
“This impressive growth was propelled by strong performance across data, Mobile Money, digital, and voice services. It reflects the impact of targeted investments guided by our value-based capital allocation framework,” he said.
Mr Blewett noted that the company invested GH₵4.6 billion in capital expenditure to enhance network quality, expand coverage, and upgrade IT systems.
“Through these investments, we have improved operational efficiency and delivered a superior customer experience. Together with our commercial initiatives, this enabled us to add 2.6 million new subscribers, bringing our total subscriber base to 31.2 million,” he said.
He added that the company maintained its leadership in network quality, achieving 99.2% 4G population coverage by the end of 2025.
Reaffirming confidence in the future, Mr Blewett said, “Looking to 2026, we know there will be new challenges and opportunities. I have every confidence that, together, we will meet them with the same energy, innovation, and determination that define our organisation.”
On the financial front, the Chief Financial Officer, Antoinette Kwofie, said Mobile Money remained a key pillar of growth.
“Mobile Money revenue rose by 35.7% to GH₵6 billion, driven by increased adoption of mobile financial services and the success of strategic partnerships that continue to expand our ecosystem,” she said.
She explained that voice revenue, though under pressure from the shift to internet-based communication platforms, remained resilient.
“Voice revenue grew by 7.8% to GH₵3.8 billion, demonstrating the continued relevance of traditional services alongside evolving digital alternatives such as VoIP,” she stated.
According to her, digital services recorded the fastest growth, increasing by 109.9% to GH₵479 million, reflecting strong demand for the company’s digital offerings.
Providing details on the company’s financial position, Mrs Kwofie said total assets rose to GH₵62.4 billion, supported by strong growth in both current and non-current assets.
“We maintained a healthy balance sheet throughout the period. Current assets grew by 54.7% to GH₵46 billion, largely due to increases in mobile money float, cash and cash equivalents, and receivables,” she explained.
She added that non-current assets increased by 28.8% to GH₵16.4 billion, driven by investments in property, plant and equipment, as well as upgrades to network infrastructure and IT systems.
On the liabilities side, she noted that current liabilities rose to GH₵43.5 billion, mainly due to obligations to electronic money holders and higher payables, while non-current liabilities increased to GH₵4.7 billion.
“Total equity grew by 34.1 per cent to GH₵14.2 billion, supported by strong retained earnings. This underscores our strengthened financial position and our capacity to support future growth initiatives,” she said.
