Tag: MTN Ghana
MTN Group President and Chief Executive Officer Ralph Mupita has paid a day’s working visit to Ghana to engage with some key stakeholders and reiterate MTN’s commitment to support the further development of the Ghanaian telecommunications sector and work towards greater financial inclusion.
On Wednesday, the Group CEO and his team of executives paid courtesy calls on the Bank of Ghana, the Ghana Revenue Authority, and the Ministry of Finance to interact and discuss issues of mutual interest, including localisation.
During the visit to the Bank of Ghana, Mr. Mupita expressed his appreciation for the Bank’s support over the years. Bank of Ghana Governor Dr. Ernest Addison congratulated MTN for the work done in the mobile financial services sector and indicated that the Bank was counting on MTN to continue to champion innovation and financial inclusion. Dr Addison was joined by the Second Deputy Governor Mrs Elsie Addo Awadzi.
The MTN delegation then called on the Commissioner General of the Ghana Revenue Authority Mr. Ammishaddai Owusu-Amoah and his deputies where Mr. Mupita commended Ghana for encouraging economic growth last year.
In his engagements with the Ministry for Finance, Mr. Mupita reiterated MTN Group’s continued support to the Government of Ghana in achieving its digital agenda.
This is the third visit of the Group CEO to Ghana since he assumed office in September 2020. He is accompanied by the MTN Group Senior Vice President of Markets Ebenezer Asante, MTN Ghana CEO Selorm Adadevoh, CEO of Mobile Money Ltd Eli Hini, MTN Ghana Chief Corporate Services Officer Sam Koranteng and MTN Ghana Chief Financial Officer Antoinette Kwofie.
The visit to Ghana is part of Mr. Mupita’s regular engagements with local authorities in priority markets. He calls on key stakeholders early every year to revisit the Group’s commitments, understand their expectations and foster cordial working relationships. His next stop is Nigeria.
The Group President and CEO of MTN, Ralph Mupita has saluted the Ghana Stock Exchange (GSE) for its role in the ‘Ghana Cares’ national socio-economic priorities that is going to be critical for Ghana’s development going forward.
“We are encouraged by the progress we have seen in the development and deepening of the capital markets in Ghana”, Mr Mupita said. He noted that “capital formation and capital markets are critical in economic development of countries. We salute the ‘Ghana Cares’ national socio-economic priorities that is going to be critical to Ghana’s development going forward”.
He made the remarks on Tuesday 18 May 2021 when he visited the GSE to pay a courtesy call on the Managing Director, Mr. Ekow Afedzi, as part of a three-day working visit to one of MTN Group’s key markets. He also used the opportunity to get a first-hand account of the performance of Scancom Plc (MTN Ghana) shares since the Initial Public Offer (IPO) in 2018.
Mr. Mupita was grateful for the support MTN Ghana had received since its listing on the bourse. “On behalf of the MTN Group we would like to thank the GSE for the support we have received since listing in September 2018”, he said.
MTN Ghana’s performance on the Ghana Stock Exchange in 2021 has been nothing short of excellence, accounting for 86% and 77% of total volume and value traded on the Ghana Stock Exchange as at 18 May 2021. The company’s share price has gained 49 pesewas this year representing a year to date return of 76.6%.
The MD of the GSE, Mr. Ekow Afedzi applauded MTN Ghana’s stellar performance. He commended the company for being the most liquid and driver of liquidity on the market.
MTN Ghana listed on the Ghana Stock Exchange in 2018 and is the third largest company by market capitalization. This represents about 23% of the total market capitalization of the listings on the Ghana Stock Exchange.
The MTN Group CEO was accompanied on his visit to the GSE by the VP for MTN WECA Region, Mr Ebenezer Asante, Chief Enterprise Business Officer, Mr Sam Addo representing Selorm Adadevoh Chief Executive Officer, and the Chief Corporate Services Officer, Mr Samuel Koranteng.
MTN Ghana (Scancom PLC or MTNGH or the Company) delivered a strong performance for the year in a competitive industry, maintaining market leadership with 55.21% market share. Service revenue increased by 22.8% year-on-year (YoY), underpinned by growth in revenue from voice, data and Mobile Money (MoMo).
Double-digit growth in voice revenue (up 19.4% YoY) was driven by an increase in the number of active subscribers* (+11.2%), the benefits of various customer value management (CVM) initiatives and pro-consumer activity, as well as continued improvements to our network. As new lines of revenue continued to grow much faster than the traditional business, voice revenue’s contribution to service revenue decreased from 46.3% to 45.0%.
Solid data revenue growth (up 32.5% YoY) was attributable to growth in active data users# (+26.6%), growth in the number of smartphones (+18.5%) on the network and an increase in data usage (up 85.9% to 256,301 Terabyte). Data revenue’s contribution to service revenue expanded from 26.3% to 28.4%.
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