MTN Ghana paid GH₵8.6billion in taxes in 2024

MTN Ghana has reaffirmed its role as a key contributor to the nation’s economy by paying a record GH₵8.6 billion in direct and indirect taxes in 2024. 

This represents an increase from the GHS5.9 billion paid in 2023, marking a 45.8 per cent year-on-year growth in tax contributions.

The telecommunications giant’s tax payments per its 2024 annual report accounted for 50.3 per cent of its total revenue, underscoring its commitment to fiscal responsibility and national development. 

In addition to taxes, MTN Ghana also paid GH₵468.4 million in fees, levies, and other payments to government agencies.

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MTN Ghana’s increased tax contribution is a reflection of its robust financial performance in 2024. The company recorded a 34.5 percent increase in service revenue, reaching GH₵17.9 billion. This growth was driven by strong performances in mobile money (MoMo), data services, and digital revenue. The company’s profit after tax rose by 26.3 per cent to GH₵5.03 billion, further solidifying its financial strength despite macroeconomic challenges such as high inflation and currency depreciation.

MTN Ghana CEO, Stephen Blewett, emphasized the company’s dedication to supporting Ghana’s economic growth through tax compliance and community investments. “Through our Foundation’s initiatives and our consistent commitment to meeting our tax obligations to the government and its agencies, we have continued to support our communities and the Ghanaian economy,” Blewett stated.

Despite economic headwinds, including elevated inflation (23.8 per cent in December 2024) and a 19.2 per cent depreciation of the Ghana cedi against the US dollar, MTN Ghana has remained steadfast in its investment strategy. 

The company invested GH₵4.4 billion in capital expenditure (CAPEX) to expand and enhance its network infrastructure.

Looking ahead, MTN Ghana remains committed to sustaining growth and enhancing digital inclusion. The company has outlined a strategic focus on expanding 4G and digital services to meet growing customer demand, enhancing fintech services through MoMo and mobile financial solutions, and investing in cost efficiencies to navigate macroeconomic challenges.