MTN Ghana reports strong 2024 growth, declares 24 Pesewas dividend per share

MTN Ghana has delivered a robust financial performance for 2024, posting a 34.5% year-on-year increase in total service revenue. This impressive growth was fueled by rising mobile data demand, the expansion of its 4G and 5G networks, and a surge in mobile money transactions.

Speaking at the company’s 7th Annual General Meeting (AGM), Chief Executive Officer Stephen Blewett acknowledged the company’s strong results but cautioned about economic headwinds, including currency depreciation and inflationary pressures.

“We have exceeded our revenue growth targets, driven by the rapid adoption of data and Mobile Money (MoMo) services. Our continuous investment in digital innovation and enhanced network connectivity has significantly strengthened customer engagement,” Blewett stated.

MTN Ghana’s 2024 Annual Report highlights a remarkable 53.8% increase in data revenue, reaching GHS9.0 billion, largely due to enhanced network quality and growing consumer reliance on digital services. Mobile Money revenue also soared by 54.4% to GHS4.4 billion, reinforcing its role as a key revenue driver.

Despite these achievements, Blewett noted that Ghana’s economic outlook for 2025 remains uncertain, with inflation and currency volatility posing potential risks. “Macroeconomic challenges could impact consumer spending, but we remain committed to optimizing costs and maintaining financial discipline,” he added.

Addressing shareholders, Board Chairman Ishmael Yamson announced a final dividend payout of 24 pesewas per share, effective April 16, 2025.

“Given our strong financial results, the Board is pleased to propose a final dividend of 24 pesewas per share for shareholder approval,” Yamson stated.

This brings the total dividend for 2024 to 30.5 pesewas per share, factoring in an interim dividend of 6.5 pesewas paid in September 2024. The total payout amounts to GHS4.0 billion—representing 80% of MTN Ghana’s profit after tax, which stood at GHS5.0 billion for the year. Notably, this reflects a 35.6% increase in dividend per share compared to 2023.

MTN Ghana’s continued investment in digital services and financial technology positions the company for sustained growth, even as it navigates an evolving economic landscape.

By: Patrick Teye