MTN Ghana announced a substantial 43.30% increase in its combined first-half profit after tax, reaching GHS 5.13 billion. This impressive financial outcome for the six months ending June 30, 2026, was largely propelled by a significant surge in data revenue and robust growth in digital services.
The telecommunications giant saw its data revenue climb by 47.10% to GHS 8.79 billion, making it the primary engine of growth. Digital services revenue nearly doubled, experiencing a 98.00% rise to GHS 376.65 million. Mobile money revenue also contributed positively, increasing by 23.30% to GHS 3.49 billion. These figures highlight MTN Ghana's successful pivot towards a digital-first strategy, catering to evolving customer demands for internet-based communication and services.
This performance fits into Ghana's broader economic narrative of increasing digital adoption and the expansion of the technology sector. The country has seen a consistent push towards digitalization across various industries, with telecommunication companies playing a crucial role in providing the necessary infrastructure. MTN Ghana's results underscore the growing importance of data and digital platforms in the Ghanaian economy, reflecting a trend observed in many emerging markets where mobile internet penetration is rapidly expanding. The company's investment in network capacity and digital infrastructure aligns with the government's vision for a digital Ghana.
The company's report indicates that total revenue increased by 32.20% to GHS 15.00 billion, with service revenue rising by 32.30% to GHS 14.96 billion. Data alone accounted for approximately 58.73% of combined service revenue, demonstrating a decisive shift in MTN Ghana’s earnings model towards mobile internet consumption. This strategic focus has allowed the company to maintain strong profitability despite a 1.40% decline in voice revenue, which now stands at GHS 1.93 billion.
Looking ahead, MTN Ghana's continued investment in its network and digital infrastructure will be critical. The company invested GHS 2.10 billion in total capital expenditure during the period, with GHS 1.90 billion allocated to property, plant, and equipment. This investment reflects ongoing efforts to enhance network capacity, coverage, and service quality to meet the expanding customer demand for data and home broadband. Decision-makers and market observers will closely watch how MTN Ghana navigates potential challenges such as currency depreciation and regulatory costs while maintaining its margin expansion.
The period also marked the legal separation of MTN Ghana's fintech business. Effective March 31, 2026, the mobile money operation ceased to be a subsidiary of Scancom PLC and began operating as MobileMoney Fintech Limited. This structural separation aims to preserve comparability in financial reporting. Despite the separation, MTN Ghana maintained a stapled-share structure, allowing investors to participate economically in both the connectivity and fintech businesses. On a standalone basis, MobileMoney Fintech Limited generated revenue of GHS 4.04 billion and a profit after tax of GHS 1.61 billion, up from GHS 1.26 billion in the corresponding period.
MTN Ghana ended the period with 32.80 million mobile subscribers, an increase of 8.50%. Active data subscribers rose by 17.00% to 21.30 million, while active mobile money users increased by 3.10% to 18.30 million. The company also contributed significantly to public revenues, paying GHS 5.60 billion in direct and indirect taxes and GHS 384.70 million in fees and levies to government agencies. This tax contribution exceeded its reported profit after tax, reinforcing its position as a major contributor to Ghana's public finances. The strong earnings and cash generation supported a revised dividend framework, permitting quarterly distributions, with boards of Scancom PLC and MMFL each declaring second-quarter dividends of GHS 0.03 per share.