MTN Ghana has emerged as the standout operation within the MTN Group for the first half of 2026, leading the group’s mobile money business and placing second only to Nigeria in overall revenue and earnings.
The group’s results for the six months ending 30 June 2026 show that Ghana delivered the fastest service-revenue growth, the strongest earnings growth, and the highest profit margin among MTN’s principal markets.
MTN Ghana’s service revenue increased by 32.3% in constant-currency terms, ahead of Nigeria’s 25.7%, the wider Southern and East African region’s 26.8%, and Francophone Africa’s 16.8%.
In absolute terms, Ghana generated R22.13 billion (approximately US$1.36 billion) in service revenue, making it MTN’s second-largest operation after Nigeria, which recorded R35.33 billion (US$2.17 billion). Ghana narrowly surpassed South Africa’s R21.94 billion (US$1.35 billion) and accounted for 19.2% of total group service revenue.
The performance becomes even more striking when the vastly different sizes of the Ghanaian and Nigerian markets are considered.
According to the World Bank’s 2025 estimates, Nigeria has a population of approximately 237.5 million, compared with Ghana’s 35.1 million, meaning Nigeria’s population is nearly seven times Ghana’s. Yet MTN Nigeria’s service revenue was only about 60% higher than Ghana’s.
On a population-adjusted basis, therefore, MTN Ghana generated more than four times as much service revenue per person as MTN Nigeria. This makes Ghana arguably the group’s strongest-performing major operation relative to the size of its domestic market.
Highest margin and fastest earnings growth
MTN Ghana also delivered the group’s highest EBITDA margin, a key measure of operational profitability.
Its earnings before interest, tax, depreciation, and amortisation increased by 40% to R13.74 billion (US$842 million), second only to Nigeria’s R19.87 billion (US$1.22 billion) in absolute terms.
Ghana’s EBITDA margin rose by 3.4 percentage points to 61.8%, comfortably ahead of Nigeria’s 55.9%, the group average of 47.6%, and South Africa’s 34.3%.
Ghana consequently contributed 24.5% of the group’s EBITDA, despite its comparatively small population.
Profit after tax increased by 41.4%, while MTN Ghana also led the cash returned to the parent company. Of the R13.9 billion (US$852 million) upstreamed to the group during the period, Ghana contributed R6.6 billion (US$405 million), more than Nigeria’s R2.7 billion (US$166 million) and South Africa’s R2.1 billion (US$129 million) combined.
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