MTN Ghana’s stock hit a new all-time high of GH₵3.21 on the Ghana Stock Exchange (GSE) on Tuesday, May 6, 2025, bolstered by robust first-quarter earnings and a strategic restructuring of its mobile money business.

The telecoms leader’s share price rose by 0.02 pesewas in trading, narrowly surpassing its previous record of GH₵3.20 set in March. Over 236,000 shares changed hands during the session, continuing the momentum from Monday’s 0.07 pesewa gain.

This market optimism follows the release of MTN’s Q1 2025 results, which showed a 53.7% surge in profit after tax to GH₵1.7 billion—despite persistent economic challenges such as inflation and currency depreciation. The company also announced a restructuring plan for its MobileMoney Ltd (MML) subsidiary in response to evolving regulatory demands.

“We’ve seen sustained growth across all business segments, particularly in fintech, data, and digital services,” said Stephen Blewett, CEO of MTN Ghana. “Our strategy execution and investment in network capacity have played a critical role in this strong start to the year.”

Service revenue climbed to GH₵5.4 billion, a 39.6% increase from Q1 2024. This was fuelled by spikes in data consumption, mobile money activity, and digital service engagement. The number of active data users rose by 10.8% to 17.8 million, while mobile subscribers increased 5.2% to 29.2 million.

MTN’s MoMo platform also saw significant growth, with active users rising 11.5% to 17.4 million and revenue from the service jumping 53.1% to GH₵1.3 billion. Expanded offerings like digital payments and micro-lending were key contributors.

Data revenue alone rose 54.9% to GH₵2.8 billion, with users consuming 39.7% more data on average each month. Data now represents 52.6% of MTN’s service revenue, compared to 47.4% a year earlier. Voice revenue saw a moderate 6.2% increase to GH₵951 million, while digital services experienced a 65.4% spike, driven by demand for entertainment and personalised content.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at GH₵3.1 billion—up 45%—with an EBITDA margin of 58.1%. Earnings per share also improved significantly, rising from GH₵0.084 to GH₵0.1292.

Capital investment during the quarter reached GH₵1.2 billion, with a focus on 4G coverage, IT infrastructure, and system resilience. The company’s 4G network now covers 99.3% of Ghana’s population.

Despite Ghana’s average Q1 inflation rate of 23.0% and a 17.1% depreciation of the cedi against the U.S. dollar, MTN Ghana was able to buffer the impact through sound debt management and returns from fixed-income investments.

One of the quarter’s most significant announcements was the restructuring of MTN’s MoMo business to comply with Ghana’s Payment Systems and Services Act, 2019, which mandates 30% local ownership for electronic money issuers. MML will be absorbed into a new entity, New FinCo, which will inherit all its operations and is expected to list separately on the GSE within three to five years.

To protect shareholder interests, a trust will hold 32.13% of New FinCo on their behalf until its listing. MTN has pledged a tax-neutral transition with shared costs across its corporate structure.

A detailed circular on the restructuring was released on May 2, with an Extraordinary General Meeting scheduled for May 21 at the Accra International Conference Centre. While the meeting is non-voting, shareholders will have the opportunity to gain insights into the restructuring plan.

Further fuelling investor optimism is the recent repeal of the Electronic Transfer Levy (E-Levy), which is expected to boost mobile money transactions. MTN has already adjusted its systems to reflect the policy change.

Beyond business growth, MTN Ghana continued its social investments in Q1. The MTN Ghana Foundation commissioned an ICT lab at Yilo Krobo SHS, awarded 500 STEM scholarships, supported 200 small businesses, and organized a nationwide blood donation campaign collecting 6,000 units.

Looking ahead, the company has revised its medium-term service revenue growth target to the low-to-mid 30% range, with sustained profit margins projected in the mid-50s. MTN plans to continue executing its “Ambition 2025” strategy, focused on digital inclusion, operational efficiency, and platform development.

The Ghanaian cedi has emerged as the world’s top-performing currency this month, appreciating nearly 16% against the US dollar since early April, according to Bloomberg data. This surge has provided significant relief from inflationary pressures, marking a pivotal moment in the country’s economic recovery efforts.

As of today, the cedi is trading at GH₵13.4 to the dollar—its strongest level in months. The appreciation has helped lower the cost of imports, contributing to a notable drop in consumer prices. Ghana’s consumer price inflation fell to 21.2% in April, down from 22.4% in March, marking the lowest level in eight months. Monthly inflation slowed to 0.8%, driven primarily by reduced import costs.

Government Statistician Alhassan Iddrisu highlighted the impact of the cedi’s strength, noting declines in both food and non-food inflation. Food inflation dipped to 25% from 26.5%, while non-food inflation dropped to 17.9% from 18.7%.

Despite the cedi’s rally, the Bank of Ghana is expected to tread cautiously with monetary policy. Following a surprise 100 basis-point rate hike in March, which pushed the key interest rate to 28%, analysts say the central bank may hold off on further changes until inflation risks—such as rising utility costs—are more clearly under control.

“The cedi’s appreciation has helped, but inflationary threats remain,” said Dr. Agyapomaa Gyeke-Dako, senior lecturer at the University of Ghana Business School.

Mark Bohlund, senior credit analyst at REDD Intelligence, echoed the sentiment, warning that premature rate cuts could reignite inflation. Still, Bank of Ghana Governor Johnson Asiama hinted at potential rate relief later in the year if disinflation persists.

Since September 2021, Ghana’s inflation has remained above the central bank’s 6–10% target band, spurred by a debt crisis and a steep decline in the cedi. However, the Monetary Policy Committee projects a fall to 16% by the end of 2025, with a return to target by mid-2026.

The IMF, which is supporting Ghana through an economic programme, expressed optimism. “It makes us very confident that inflation is going to go down in the next few months toward the program objectives,” said Stéphane Roudet, IMF Mission Chief to Ghana.

For now, the strengthening cedi stands as both a symbol of resilience and a key instrument in Ghana’s journey toward macroeconomic stability.

Ghana’s gold reserves have hit an impressive milestone, reaching a valuation of approximately GH₵46.3 billion by the end of April 2025. The Bank of Ghana made the announcement on May 6, attributing the surge to the rising price of gold, which stood at GH₵46,086.32 per ounce.

According to the central bank’s data, Ghana held 31.37 tonnes of gold as of April 30. When converted, that amounts to just over 1 million ounces (1,008,837.07). Based on the current market price, this gives Ghana’s gold stash a total value of nearly GH₵46.44 billion.

This marks a significant leap in the country’s reserves, underscoring gold’s growing role as a strategic financial asset for Ghana’s economy.

Over the past two years, the Bank of Ghana has been steadily building its gold holdings—from just 8.78 tonnes in May 2023 to over 31 tonnes now. This is part of the “Gold for Reserves” initiative, designed to diversify the central bank’s assets, stabilize the cedi, and reduce the country’s dependence on the US dollar.

The program has also helped strengthen Ghana’s foreign exchange reserves, boosting the nation’s economic resilience in an increasingly uncertain global market.

Although the Bank has not indicated whether it will increase its gold purchases further, analysts believe the upward trend in global gold prices—driven by geopolitical tensions, inflation worries, and rising demand for safe-haven assets—could motivate continued investment.

As Africa’s leading gold producer, Ghana is well-positioned to benefit from this bullish market, turning its natural resources into a pillar of economic strength.