Scancom PLC, (MTN Ghana), the leading telecommunications service provider in Ghana, has announced its financial performance for the year ended December 31, 2023.
The company delivered impressive growth in key financial metrics, demonstrating the resilience and adaptability of its business amidst a challenging operating environment.
MTN Ghana also stated that it is dedicated to advancing national roaming partnerships with AT (formerly AirtelTigo) and Telecel (formerly Vodafone) to achieve universal access and speeding up Ghana’s digital process. Currently, MTN Ghana has executed a long-term agreement with AT which kicked off in January 2024 and is at the final stages of discussions with Telecel.
CEO of MTN Ghana, Selorm Adadevoh said, “We remain committed to advancing digitalisation and promoting socio-economic development, and we look forward to continuing our efforts towards Ghana’s sustainable development”.
Operational and financial review
MTN Ghana delivered service revenue growth of 34.6% YoY, driven by voice, data, and Mobile Money. The positive performance can be attributed to well-executed commercial strategies and our focused investment in maintaining high network quality, coverage and delivering quality service to our customers, as well as progress in our pricing initiatives across the business.
To sustain its market-leading customer experience, the company invested a total of GHS3.3 billion in core capital expenditure to modernize its infrastructure, enhance its IT systems and expand its network capacity and coverage across the country. As part of these efforts, MTN Ghana deployed 350 2G, 353 3G, and 350 4G sites, supporting a 99.3% 4G population coverage.
While acknowledging the anticipated challenges of the macroeconomic environment, MTN Ghana remains optimistic about the future. MTN emphasized its commitment to its Ambition 2025 strategy, focusing on developing its platforms to unlock further value for stakeholders, and continuously improving its network and services to deliver an exceptional customer experience.
Commenting on the results, the Chief Executive Officer of MTN Ghana, Selorm Adadevoh said that, “The business performance is a testament to our continuous investment in our network and service to deliver excellent service to our customers. As we inch closer to the realization of our Ambition 2025 Strategic intent, we remain confident that our resilience would be key to leading the progress of the country through our platform businesses”.
MTN Ghana’s strong financial performance in 2023 demonstrates its commitment to delivering value to its customers, contributing to the Ghanaian economy, and creating a brighter future for all.