Business
MTN Ghana Share Price Hits All-Time High Following Strong Q1 Results and MoMo Overhaul
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 Bank of Ghana (BoG) has issued a public warning about the operations of several Money Transfer Organisations (MTOs) that are conducting business in Ghana’s remittance and foreign exchange markets without the required authorization.
In a statement released on Friday, June 27, the central bank disclosed that it had identified multiple entities operating in violation of existing financial regulations. The BoG cautioned individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transacting with these unlicensed organisations.
The unauthorised MTOs listed by the BoG include:
1. ACE Money Transfer
2. Remit Union
3. Remit Home
4. Roze Remit
5. Monty Global
6. Nairagram
7. i-Transfer
8. Hurupay
9. Eversend
10. Izi Send
Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized that no individual or entity may deal in foreign exchange without a valid license. Additionally, Section 15.3 of the Act mandates that all international money transfers to and from Ghana must be processed through a licensed and authorised service provider.
The central bank reaffirmed its dedication to maintaining the integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions exclusively through licensed institutions.
The full statement from the Bank of Ghana can be found below.
Banking and Finance
Treasury Misses Target for Fourth Consecutive Week as Investors Favour Bank of Ghana Bills
The government failed to hit its treasury bills target for the fourth straight week, according to auction results from the Bank of Ghana. The Treasury raised GH¢3.379 billion, falling short of its GH¢4.551 billion target by approximately 24%, and ultimately accepted GH¢2.952 billion.
Analysts attribute this shortfall to investor preference for Bank of Ghana bills, which offer a lucrative rate of 27% — well above the inflation rate of 18.4%.
Demand was driven mainly by the 91-day treasury bill, with investors submitting GH¢62.418 billion, accounting for 71.55% of total bids. The Treasury accepted GH¢2.191 billion of these.
Meanwhile, the 182-day treasury bill attracted GH¢716.29 million, of which GH¢603.74 million was accepted. The 364-day bill received GH¢236 million in bids, with GH¢157.76 million accepted.
Despite the weak demand, interest rates on the short end of the yield curve continued to inch lower. The 91-day bill yield fell by one basis point to 14.69%, while the 182-day rate held steady at 15.25%. The 364-day yield slipped slightly to 15.69%, down from 15.74% the previous week.
Telecel Ghana has acknowledged a GH¢2 million lawsuit filed by Makola Market trader, Faustina Djagbele Abbey, over the alleged unauthorized use of her image in its “Telecel Red Save” campaign.
In a statement issued on Wednesday, the company said it is “aware of media reports” about the claim and is “reviewing the details” to establish the facts. The lawsuit, filed on May 23, 2025, at the High Court, accuses Telecel of using Abbey’s photo across billboards, social media, and traditional advertisements for its digital savings product without her consent. The claim cites Ghana’s Data Protection Act, 2012 (Act 843), as grounds for the suit.
Telecel assured the public it takes privacy, image consent, and intellectual property seriously, stating: “We are currently reviewing the details of this claim to establish the facts. We wish to assure the public that we take matters of privacy, imagery consent and intellectual property seriously.”
Abbey’s lawyers argue the campaign caused their client significant personal distress, with friends and relatives mistaking her for a brand ambassador or suggesting she had financial ties with the telecom giant.
With a market share of 17.2 per cent, Telecel is one of Ghana’s largest telecommunications firms. The case has sparked a wider conversation about digital privacy and image rights within corporate marketing.
The company concluded its statement by thanking the public for its understanding as it works through the matter.
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