MTN Ghana Executives Awarded Shares Worth Millions Under Performance Incentive Scheme

The Chief Executive Officer of MTN Ghana, Stephen Blewett, has been awarded 21,382 shares in MTN Group valued at approximately R4.12 million (US$252,000), under the company’s Performance Share Plan 2010.

In the same scheme, Chief Financial Officer Antoinette Kwofie received 13,660 shares worth about R2.63 million (US$160,000). Both executives serve as directors of Scancom Ghana PLC, the operator of MTN’s business in Ghana.

According to a group announcement issued on April 7, 2026, the share awards were transacted on March 31, 2026, at a market price of R192.50 per share. The incentives are subject to performance conditions and will vest over a three-year period.

Also benefiting locally, Sugentharen Perumal, a director of Scancom Ghana PLC, received 35,436 shares valued at approximately R6.82 million (US$415,000).

Broader Group Awards

Across the wider group, senior executives received significantly larger allocations under the same long-term incentive scheme.

MTN Group President and CEO Ralph Mupita was awarded 207,633 shares valued at about R39.97 million (US$2.43 million), the largest allocation disclosed. Group Chief Financial Officer Tsholofelo Molefe received 111,931 shares worth approximately R21.55 million (US$1.31 million).

Senior Vice President for Markets, Ebenezer Asante, was granted 120,880 shares valued at R23.27 million (US$1.42 million).

Other beneficiaries include Ferdinand Moolman, who received shares worth R20.13 million, as well as Paul Norman and Yolanda Cuba, whose allocations were valued at R10.84 million and R12.07 million respectively.

Vesting Terms and Compliance

MTN indicated that all recipients have met the company’s Minimum Shareholding Requirements. The awards, classified as off-market share allocations, will vest on December 10, 2028—an accelerated timeline aligned with the original grant date of December 10, 2025.

The company noted that all beneficiaries hold direct beneficial interests in the shares.

The announcement was published via the Johannesburg Stock Exchange News Service, with Tamela Holdings Proprietary Limited serving as lead sponsor and J.P. Morgan Equities Proprietary Limited acting as joint sponsor.