Starlink is like any other competitor – MTN Ghana CEO
MTN Ghana's Chief Executive Officer (CEO), Stephen Blewett, has stated that the emergence of Starlink in the Ghanaian telecommunications market is not a cause for alarm, describing the satellite internet provider as "like any other competitor."
Responding to a question at MTN Ghana’s 7th Annual General Meeting (AGM) held at the Accra International Conference Centre on Thursday, March 27, 2025, Mr. Blewett acknowledged Starlink’s presence but emphasised that MTN Ghana is already taking steps to maintain its competitive edge.
"Starlink is like any other competitor. We view them as any other competitor, but there are a few things to consider," he said. "Starlink, in one part, is a potential competitor when it comes to direct-to-devices in the home. So, you saw that we are investing a lot in our fixed wireless and our fiber. That, in some way, is responding to that."
However, he noted that MTN Ghana also sees opportunities for collaboration with Starlink in certain areas. "But in other areas, we can work with Starlink, where it can become a redundant backup for, for example, international cables."
While recognising Starlink’s technological capabilities, he pointed out that it is not without limitations. "I saw this poster the other day. Starlink does have physical limitations as well, like any of us do. When there’s harmattan and things like that, these things do influence the performance of what they can do, but obviously, we are responding."
MTN Ghana’s financial performance and growth
At the AGM, MTN Ghana announced a final dividend payment of 24 pesewas per share, subject to shareholder approval, with disbursement set for April 16, 2025. The company’s total dividend for 2024 stands at 30.5 pesewas per share, translating to GH₵4.0 billion, which represents 80 per cent of the company’s profit after tax of GH₵5.0 billion. This marks a 35.6 per cent increase in dividend per share compared to 2023.
The Board Chairman of MTN Ghana, Ishmael Yamson, attributed this growth to strong strategic execution despite macroeconomic challenges. "As a result of the performance of the company, the Board of Directors is pleased to recommend a final dividend payment of 24 pesewas per share to our shareholders for approval," he stated.
Mr. Yamson highlighted significant revenue increases across key service areas. "Notably, revenues from Data, Mobile Money, and Digital saw significant growth," he said.
He further commended the company’s prudent financial management, which enabled it to increase earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 31.3 per cent year-on-year. Despite a slight dip in EBITDA margin from 58.4 per cent in 2023 to 57.1 per cent in 2024, MTN Ghana’s profit after tax rose by 26.3 per cent compared to the previous year.
Ghana’s economic landscape and MTN’s operational performance
CEO Stephen Blewett noted that Ghana’s macroeconomic challenges, including high inflation and currency depreciation, had a significant impact on the business environment in 2024.
“By December 2024, the inflation rate had risen to 23.8 per cent, reflecting a notable increase of 2.3 percentage points from the September rate of 21.5 per cent,” he explained. “This surge in inflation was primarily driven by escalating prices across agricultural-related goods and services, compounded by rising energy costs and production costs.”
Despite this, MTN Ghana recorded an impressive 34.5 per cent year-on-year growth in service revenue, exceeding its projected target. This growth was largely driven by increased demand for data, Mobile Money (MoMo), and digital services.
Data revenue surged 53.8% to GH₵9.0 billion, supported by a 13.7 per cent increase in active data subscribers and higher mobile data usage.
Mobile Money revenue grew 54.4 per cent year-on-year, reaching GH₵4.4 billion, with a 12.8 per cent rise in active MoMo users.
Digital services revenue increased 66.1 per cent to GH₵228.2 million, with more customers engaging in video content, gaming subscriptions, and ring-back tones.
However, voice revenue declined by 0.9 per cent to GH₵3.5 billion, reflecting a shift in consumer behaviour toward Voice over Internet Protocol (VoIP) services.
Mr. Blewett reaffirmed the company’s commitment to network investment and expansion, stating that GH₵3.1 billion was invested in network infrastructure in 2024. "This investment encompassed the modernisation of our IT systems, enabling us to handle rising data traffic more efficiently," he said.
MTN Ghana’s future outlook
With a 6.5 per cent increase in customer base, now reaching 28.5 million, MTN Ghana remains optimistic about its growth prospects.
“Together, we have not only navigated obstacles but have also positioned ourselves for future growth and innovation," Board Chairman Ishmael Yamson stated. "Your commitment to excellence is truly commendable, and I look forward to building on this success this year.”
With continued investments in 4G expansion, digital services, and mobile financial solutions, MTN Ghana aims to maintain its industry leadership while adapting to an evolving competitive landscape, including the presence of Starlink.