MTN Ghana hits record share price on the back of strong Q1 performance and MoMo restructuring
MTN Ghana’s share price reached a record high of GH₵3.21 on Tuesday (May 6, 2025), buoyed by a surge in investor confidence following strong first-quarter earnings and an announced restructuring of its mobile money business.
The share price rose by 0.02 pesewas during trading on the Ghana Stock Exchange (GSE), eclipsing its previous high of GH₵3.20 recorded on March 27, 2025. Trading volume for the day stood at 236,536 shares, continuing a positive run for the telecoms giant after a 0.07 pesewa gain on Monday.
The rise follows MTN Ghana’s announcement of a major corporate restructuring and the release of robust financial results for Q1 2025, which showed a 53.7 per cent year-on-year increase in profit after tax to GH₵1.7 billion, despite ongoing macroeconomic headwinds.
“This performance reflects solid execution of our commercial strategy and sustained demand across key segments,” said Stephen Blewett, Chief Executive Officer of MTN Ghana. “We have made significant strides in fintech, digital, data and voice services, supported by our continued investment in network expansion.”
The company, officially listed as Scancom PLC, reported service revenue of GHS5.4 billion—up 39.6 per cent from the previous year—driven by a surge in data usage, mobile money transactions and digital service uptake.
Active data subscribers grew by 10.8 per cent to 17.8 million, while mobile subscribers reached 29.2 million, a 5.2 per cent increase. MTN’s Mobile Money (MoMo) platform also saw an 11.5% rise in active users to 17.4 million. MoMo revenue soared by 53.1 per cent to GH₵1.3 billion, powered by higher transaction volumes and expanded services such as digital payments and micro-lending.
Data revenue climbed 54.9 per cent to GH₵2.8 billion, with average monthly data usage per user increasing by 39.7%. Data now accounts for 52.6 per cent of total service revenue, up from 47.4 per cent in Q1 2024. Voice revenue rose modestly by 6.2 per cent to GH₵951 million, while digital services revenue saw a sharp 65.4 per cent growth, boosted by streaming, gaming, and personalised content, with digital users reaching 5.3 million.
MTN’s earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 45 per cent to GH₵3.1 billion, with an improved EBITDA margin of 58.1 per cent. Earnings per share jumped from GH₵0.084 to GH₵0.1292.
Capital expenditure during the quarter stood at GH₵1.2 billion, including GH₵779.5 million (excluding leases) allocated to 4G expansion, IT system upgrades and enhancing network resilience. MTN now covers 99.3 per cent of Ghana’s population with 4G service.
This financial growth was achieved despite challenging conditions—Ghana recorded average inflation of 23.0 per cent in the first quarter, and the cedi depreciated by 17.1 per cent against the US dollar. MTN Ghana mitigated some of these effects through careful debt management and returns from fixed-income investments.
Investor interest has also been fuelled by MTN’s recently announced plan to restructure its mobile money business in line with Ghana’s Payment Systems and Services Act, 2019. The law requires electronic money issuers to ensure at least 30 per cent Ghanaian ownership.
Under the restructuring, MobileMoney Ltd (MML), a wholly owned subsidiary of Scancom PLC, will be merged into a newly created company, “New FinCo,” which will assume all of MML’s assets, liabilities, and staff. The move will align MTN’s mobile money operations with regulatory requirements while paving the way for a separate listing of New FinCo on the GSE within three to five years.
To maintain economic interests for current shareholders, a trust mechanism will hold 32.13 per cent of New FinCo on their behalf until the listing is completed. MTN has assured shareholders the process will be tax-neutral, with costs shared among Scancom PLC, New FinCo, and MTN Group.
A circular detailing the restructuring was published on 2 May 2025, inviting shareholders to an Extraordinary General Meeting on 21 May at the Accra International Conference Centre, with online participation options. Though no vote is required, the meeting will offer stakeholders insight into the transition process.
The repeal of the Electronic Transfer Levy (E-Levy) in April 2025 is also expected to accelerate growth in mobile money usage, with MTN already having updated its systems to accommodate the policy shift.
Through its Foundation, MTN Ghana also deepened its community investment in Q1 by building a 40-seat ICT centre at Yilo Krobo SHS, awarding 500 STEM scholarships, donating 6,000 units of blood nationwide, and supporting 200 small businesses, especially those owned by women, youth, and persons with disabilities.
Looking ahead, the company has revised its medium-term service revenue growth target to between the low and mid-thirties, with profit margins expected to remain in the mid-fifties. It plans to sustain investments under its Ambition 2025 strategy, focused on cost efficiency, platform expansion, and digital inclusion.