MTN Group has reported that MTN Ghana repatriated approximately US$10.5 million (GHS118.72 million) to the group in the first half of 2023, ending on June 30. The group’s half-year report revealed that its operating companies contributed a total of over US$221 million in upstream cash during the reporting period, with South Africa and Nigeria each contributing US$73.7 million, while MTN Ghana contributed US$10.5 million.
This repatriation constitutes a fraction of the GHS2.98 billion (US$251 million) that MTN Ghana paid in taxes, fees, levies, and other payments to government agencies over the same period.
In terms of the impact of these funds repatriation on the Ghana cedi, MTN Ghana’s Chief Finance Officer, Antoinette Kwofie, stated that all shareholders of the company, including the MTN Group, are paid in Ghana cedis into their local bank accounts. Therefore, there is no cause for concern about the impact of payments to shareholders on the cedi.
MTN Ghana is the only significant market power (SMP) and the most profitable player in Ghana’s telecom industry. While other telecom companies like Vodafone Ghana and AirtelTigo (now AT Ghana) have struggled with profitability, MTN Ghana has thrived.
CEO of MTN Ghana, Selorm Adadevoh, highlighted the company’s investments in enhancing the network and IT systems. They expanded 4G coverage to 99.3% of the population and rolled out numerous new sites. Additionally, MTN Ghana paid a significant portion of its revenue in taxes, levies, and payments to government agencies, demonstrating its commitment to its role in the country’s socio-economic development.
The company is also making strides in social intervention programs and has made considerable progress in constructing a 60-bed maternity and neonatal center for the Keta Municipal Hospital and a STEM robotics lab for the Mamfe Girls’ School. Furthermore, MTN Ghana is collaborating with the government to construct the Ghana ICH Hub at the Accra Digital Centre, a project that began last year with a $25 million investment.
