MTN Ghana CEO Stephen Blewett, CFO Antoinette Kwofie receive over $400,000 in performance shares
The Chief Executive Officer of Scancom Ghana PLC (MTN Ghana), Stephen Blewett, has been awarded 21,382 MTN Group shares valued at approximately R4.12 million (US$252,000) as part of the telecommunications giant's Performance Share Plan 2010, according to a group announcement released on April 7, 2026.
The Chief Financial Officer of MTN Ghana, Antoinette Kwofie, also received 13,660 shares valued at approximately R2.63 million (US$160,000) under the same plan. Both executives serve as directors of the major subsidiary, Scancom Ghana PLC, which operates MTN's business in Ghana.
The awards, transacted on March 31, 2026, were granted at a market price of R192.50 per share and are subject to performance conditions, vesting over a three-year period from the award date.
Sugentharen Perumal, a director of Scancom Ghana PLC, also received 35,436 shares valued at approximately R6.82 million (US$415,000).
Currency conversion
The awards were granted in South African rand, MTN Group's reporting currency. Based on the current exchange rate of approximately 16.45 South African rand to the US dollar, the approximate US dollar values of the awards to MTN Ghana executives are as follows:
Recipient Position Rand Value US$ Equivalent
Sugentharen Perumal Director, Scancom Ghana PLC R6.82 million $415,000
Stephen Blewett Chief Executive Officer, MTN Ghana R4.12 million $252,000
Antoinette Kwofie Chief Financial Officer, MTN Ghana R2.63 million $160,000
*Exchange rate: 1 USD = 16.45 ZAR (as of April 8, 2026)*
Group leadership also receives awards
The awards extended to key leadership across MTN's major African operations. Ralph Mupita, MTN Group President and Chief Executive Officer, received the largest award of 207,633 shares, valued at approximately R39.97 million (US$2.43 million). Tsholofelo Molefe, Group Chief Financial Officer, was awarded 111,931 shares worth approximately R21.55 million (US$1.31 million).
Ebenezer Asante, Senior Vice President for Markets and a prescribed officer of MTN Group, received 120,880 shares valued at approximately R23.27 million (US$1.42 million).
Other senior executives receiving awards include Ferdinand Moolman, MTN South Africa CEO, who was granted 104,545 shares worth R20.13 million (US$1.22 million); Paul Norman, director of Mobile Telephone Networks Proprietary Limited, with 56,333 shares valued at R10.84 million (US$660,000); and Yolanda Cuba, director of the same subsidiary, with 62,718 shares worth R12.07 million (US$734,000).
Minimum shareholding requirements fulfilled
The company confirmed that all award recipients with Minimum Shareholding Requirements obligations have fulfilled their requirements.
The vesting date for the awards has been accelerated to December 10, 2028, aligning with the date on which the awards would normally have been granted—December 10, 2025.
All transactions were classified as off-market awards of shares to employees, with all recipients holding direct beneficial interests.
The announcement was released on the JSE Stock Exchange News Service on April 7, 2026, with Tamela Holdings Proprietary Limited acting as Lead Sponsor and J.P. Morgan Equities Proprietary Limited as Joint Sponsor.