Business

Starlink is like any other competitor – MTN Ghana CEO

Published

3 months ago

March 28, 2025

MTN Ghana’s Chief Executive Officer (CEO), Stephen Blewett, has stated that the emergence of Starlink in the Ghanaian telecommunications market is not a cause for alarm, describing the satellite internet provider as “like any other competitor.”

Responding to a question at MTN Ghana’s 7th Annual General Meeting (AGM) held at the Accra International Conference Centre on Thursday, March 27, 2025, Mr. Blewett acknowledged Starlink’s presence but emphasised that MTN Ghana is already taking steps to maintain its competitive edge.

“Starlink is like any other competitor. We view them as any other competitor, but there are a few things to consider,” he said. “Starlink, in one part, is a potential competitor when it comes to direct-to-devices in the home. So, you saw that we are investing a lot in our fixed wireless and our fiber. That, in some way, is responding to that.”

However, he noted that MTN Ghana also sees opportunities for collaboration with Starlink in certain areas. “But in other areas, we can work with Starlink, where it can become a redundant backup for, for example, international cables.”

While recognising Starlink’s technological capabilities, he pointed out that it is not without limitations. “I saw this poster the other day. Starlink does have physical limitations as well, like any of us do. When there’s harmattan and things like that, these things do influence the performance of what they can do, but obviously, we are responding.”

MTN Ghana’s financial performance and growth

At the AGM, MTN Ghana announced a final dividend payment of 24 pesewas per share, subject to shareholder approval, with disbursement set for April 16, 2025. The company’s total dividend for 2024 stands at 30.5 pesewas per share, translating to GH₵4.0 billion, which represents 80 per cent of the company’s profit after tax of GH₵5.0 billion. This marks a 35.6 per cent increase in dividend per share compared to 2023.

The Board Chairman of MTN Ghana, Ishmael Yamson, attributed this growth to strong strategic execution despite macroeconomic challenges. “As a result of the performance of the company, the Board of Directors is pleased to recommend a final dividend payment of 24 pesewas per share to our shareholders for approval,” he stated.

Mr. Yamson highlighted significant revenue increases across key service areas. “Notably, revenues from Data, Mobile Money, and Digital saw significant growth,” he said.

He further commended the company’s prudent financial management, which enabled it to increase earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 31.3 per cent year-on-year. Despite a slight dip in EBITDA margin from 58.4 per cent in 2023 to 57.1 per cent in 2024, MTN Ghana’s profit after tax rose by 26.3 per cent compared to the previous year.

Ghana’s economic landscape and MTN’s operational performance

CEO Stephen Blewett noted that Ghana’s macroeconomic challenges, including high inflation and currency depreciation, had a significant impact on the business environment in 2024.

“By December 2024, the inflation rate had risen to 23.8 per cent, reflecting a notable increase of 2.3 percentage points from the September rate of 21.5 per cent,” he explained. “This surge in inflation was primarily driven by escalating prices across agricultural-related goods and services, compounded by rising energy costs and production costs.”

Despite this, MTN Ghana recorded an impressive 34.5 per cent year-on-year growth in service revenue, exceeding its projected target. This growth was largely driven by increased demand for data, Mobile Money (MoMo), and digital services.

Data revenue surged 53.8% to GH₵9.0 billion, supported by a 13.7 per cent increase in active data subscribers and higher mobile data usage.

Mobile Money revenue grew 54.4 per cent year-on-year, reaching GH₵4.4 billion, with a 12.8 per cent rise in active MoMo users.

Digital services revenue increased 66.1 per cent to GH₵228.2 million, with more customers engaging in video content, gaming subscriptions, and ring-back tones.

However, voice revenue declined by 0.9 per cent to GH₵3.5 billion, reflecting a shift in consumer behaviour toward Voice over Internet Protocol (VoIP) services.

Mr. Blewett reaffirmed the company’s commitment to network investment and expansion, stating that GH₵3.1 billion was invested in network infrastructure in 2024. “This investment encompassed the modernisation of our IT systems, enabling us to handle rising data traffic more efficiently,” he said.

MTN Ghana’s future outlook

With a 6.5 per cent increase in customer base, now reaching 28.5 million, MTN Ghana remains optimistic about its growth prospects.

“Together, we have not only navigated obstacles but have also positioned ourselves for future growth and innovation,” Board Chairman Ishmael Yamson stated. “Your commitment to excellence is truly commendable, and I look forward to building on this success this year.”

With continued investments in 4G expansion, digital services, and mobile financial solutions, MTN Ghana aims to maintain its industry leadership while adapting to an evolving competitive landscape, including the presence of Starlink.

Source: Graphic Online

Business

Fuel Prices Set to Drop from June 16 After Levy Suspension

Published

8 hours ago

June 15, 2025

Sunshynbaby

Ghanaians can expect a drop in fuel prices starting Monday, June 16, 2025, following the government’s decision to suspend the proposed GH¢1.0 Energy Sector Levy. This comes as a relief to consumers and marks the seventh consecutive price reduction since mid-February.

The latest Pricing Outlook Report from the Chamber of Oil Marketing Companies (COMAC) indicates that the postponement of the levy is a key factor driving the anticipated price cuts.

Projected Prices at the Pump

According to data sourced from oil marketing firms and obtained by Joy Business, the new price of petrol is expected to be around GH¢11.77 per litre — representing a drop between 1.1% and 2.25% from prices recorded on June 1.

Diesel prices are set for a more significant decrease, falling by as much as 4.3% to about GH¢12.13 per litre. Likewise, Liquefied Petroleum Gas (LPG) will see a 3.2% dip, bringing the price per kilogram to GH¢13.30.

Why Are Prices Falling?

The Chamber attributes the downward trend primarily to the Ghana cedi’s continued appreciation against the US dollar. This currency strength has offset the impact of rising global oil prices, which surged amid renewed conflict in the Middle East.

Despite crude oil prices climbing to around $75 per barrel due to Israel’s military strikes on Iranian nuclear sites, Ghanaian fuel prices remain stable — for now. The situation, however, remains volatile.

Warning Signs for July

Officials at COMAC caution that if global oil prices continue to climb, fuel prices in Ghana could begin to rise again starting July 1, 2025.

Recent escalations in the Middle East have already caused oil prices to rise sharply, with Brent crude jumping 4.41% from $65.35 to $68.23 per barrel. These tensions have also prompted the United States to partially evacuate its embassy in Iraq, adding to global uncertainty.

As a result, international benchmark prices for petrol and diesel have risen by 1.03% and 3.94% respectively. In contrast, LPG prices dropped by 1.79%.

Impact of the Suspended Levy

COMAC’s projections suggest that had the government gone ahead with the additional GH¢1.0 Energy Sector Levy, consumers would have faced significant price hikes. Petrol would have surged by 9.1% per litre and diesel by 8.25%. LPG would have still seen a modest 2.29% decline, as it was not included in the levy’s scope.

The current suspension offers temporary relief, but stakeholders warn that sustained global instability may force a reversal of the current trend in the coming weeks.

Business

PHOTOS: Otumfuo Urges Government to Cut Food Imports, Revive Interest in Farming

Published

2 days ago

June 13, 2025

Sunshynbaby

The Asantehene, Otumfuo Osei Tutu II, has expressed deep concern over Ghana’s continued dependence on imported food items that can be cultivated locally.

He urged the Minister for Food and Agriculture, Eric Opoku, to take bold steps to significantly reduce food imports and prioritize the development of local agriculture.

Speaking during a courtesy call by the Minister and his delegation at the Manhyia Palace on Friday, June 13, Otumfuo Osei Tutu II emphasized the need for urgent interventions to rekindle interest in farming, particularly among the youth.

The Asantehene recommended a possible revival of the historic “Operation Feed Yourself” initiative from the Acheampong era, should the government deem it necessary to revitalize the agricultural sector.

“It’s disheartening that we are still importing basic produce like tomatoes and onions. Work hard to halt or at least minimize food imports so we can produce more locally. I’ll be monitoring closely—make sure farmers get irrigation support,” he stressed.

Otumfuo also called on chiefs and traditional leaders across the country to contribute to national development by making land available for agricultural use, suggesting such lands could be offered as equity in farming ventures to encourage investment and productivity.

Business

TECNO Named Official Global Partner for CAF AFCON 2025 and 2027

Published

4 days ago

June 12, 2025

Sunshynbaby

As excitement builds for the upcoming African Cup of Nations (AFCON), the Confederation of African Football (CAF) has officially announced TECNO, the AI-powered technology brand and subsidiary of Transsion Holdings, as the Official Global Partner for the TotalEnergies CAF AFCON Morocco 2025, as well as the 2027 edition, which will be jointly hosted by Kenya, Tanzania, and Uganda.

This strategic partnership reflects TECNO’s vision of empowering young Africans through the intersection of technology and sports. With its brand philosophy, “Stop at Nothing,” TECNO aims to inspire and equip the next generation across the continent to pursue their dreams and reach new heights.

The announcement comes on the heels of TECNO’s successful collaboration with CAF during the TotalEnergies CAF AFCON Côte d’Ivoire 2023, where the brand served as the exclusive smartphone sponsor. That partnership delivered record-breaking engagement and deepened TECNO’s investment in African football, laying the foundation for this renewed alliance.

CAF General Secretary, Véron Mosengo-Omba, made the announcement in Nairobi, Kenya, stating:

“The growing success of the TotalEnergies CAF Africa Cup of Nations has led to several high-impact sponsorships. TECNO’s continued support will play a vital role in helping Africa’s biggest sporting event expand its reach and influence. On behalf of CAF and its 54 Member Associations, we express our sincere gratitude to TECNO for investing in the future of African football.”

Benjamin Jiang, Vice President of Transsion Holdings, also expressed enthusiasm about the renewed partnership:

“This collaboration is a reflection of the trust and shared success we’ve built with CAF. In our previous engagement, we witnessed how football sparked passion and how AI-powered technology connected and empowered millions across Africa.”

He continued:

“This partnership goes far beyond the game. It represents a shared ambition—a platform for young Africans to thrive, driven by innovation and progress. It underscores our commitment to using AI-driven solutions to shape a brighter future for the continent.”

As part of its pan-African commitment, TECNO is also continuing its “Dream Field Renovation” campaign, a community initiative launched with CAF in 2024. The project aims to renovate 100 football fields in underserved communities across Africa by 2028, promoting healthy living, youth engagement, and access to quality sports infrastructure.

About TECNO
TECNO is a global technology brand powered by artificial intelligence, operating in over 70 markets across five continents. The company is dedicated to transforming digital experiences in emerging markets through a bold blend of cutting-edge technology and contemporary design.

TECNO’s product ecosystem includes AI-enabled smartphones, wearables, laptops, tablets, gaming devices, the proprietary HiOS operating system, and smart home solutions. Guided by its brand ethos, “Stop at Nothing,” TECNO is committed to empowering forward-thinking individuals to unlock their potential and pursue a brighter future.