GHANA · COMPANY RESULTS
Key Facts
- The country Ghana is a West African nation where MTN Ghana counts 34.3 million mobile subscribers.
- What happened Nine-month profit after tax was GH¢7.75 billion (about US$664 million).
- Growth Profit rose 43% from GH¢5.42 billion (about US$464 million) a year earlier.
- Payout Both companies pay GH¢0.03 per share on Thursday 10 December 2026.
- Still open No full-year profit forecast, only revenue growth and margin ranges.
MTN Ghana profit rose 43% to a combined GH¢7.75 billion (about US$664 million) after tax in the nine months to 30 September 2026. The figure covers MTN Ghana’s phone business and its separate mobile money arm, and the company published it on Thursday 29 October 2026.
The result matters to US readers because MTN Ghana belongs to MTN Group, the South African mobile company listed in Johannesburg. All cedi amounts here use about 11.67 cedis to the US dollar, the rate on 31 October 2026.
Who Is MTN Ghana
MTN Ghana is the local business of MTN Group, a South African company that runs mobile networks across Africa.
Since 31 March 2026 its mobile money business has been a separate company, MobileMoney Fintech Limited, or MMFL. Shareholders hold both companies together, so the firm reports a combined view that it calls illustrative rather than formal consolidated accounts.
The Numbers in Plain English
Service revenue, the money earned from customers, rose 33.5% to GH¢23.15 billion (about US$1.98 billion). Earnings before interest, tax, depreciation and amortisation, called EBITDA, rose 40.6% to GH¢14.28 billion (about US$1.22 billion).
The EBITDA margin reached 61.5%, up 3.1 percentage points, even though costs grew 23.2% to GH¢8.93 billion (about US$765 million). Pre-tax MTN Ghana profit climbed 47.0% to GH¢11.38 billion (about US$975 million), and tax took GH¢3.63 billion (about US$311 million) of it.
Data and Mobile Money Lead Growth
Data was the biggest earner behind the MTN Ghana profit, with revenue up 44.5% to GH¢13.45 billion (about US$1.15 billion). Mobile money revenue grew 24.4% to GH¢5.37 billion (about US$460 million), and voice calls added GH¢3.08 billion (about US$264 million).
Digital services such as gaming and video nearly doubled to GH¢642 million (about US$55 million). The company counts 22.0 million active data users, up 16.1%, and 18.9 million active mobile money users, up 6.9%.
A Strong Third Quarter
The July to September quarter of MTN Ghana profit extended the run of strong growth at MTN Ghana. Service revenue rose 35.7% to GH¢8.19 billion (about US$702 million), and profit after tax rose 42.6% to GH¢2.62 billion (about US$225 million).
The company added about 1.5 million mobile subscribers in the quarter, bringing the total to 34.3 million. Its chief executive, Stephen Blewett, called the growth broad-based across the connectivity and fintech businesses.
Dividends, Cash and 5G Spectrum
The boards of both companies declared a third-quarter dividend of GH¢0.03 per share (about US$0.003), payable on Thursday 10 December 2026. Shareholders on the register at the close of business on Thursday 26 November 2026 qualify.
Free cash flow nearly doubled to GH¢7.40 billion (about US$634 million), while capital spending fell 27.2% to GH¢3.16 billion (about US$271 million). The telecoms regulator notified MTN of a 5G airwaves award costing US$202 million, as covered in our report on the 5G spectrum award.
The Economy Behind the Profit
The company said Ghana’s average inflation fell to 4.2% in the first nine months of 2026, from 17.3% a year earlier. It also noted that the cedi lost 12.1% against the dollar over the period, ending September at 11.71 per dollar.
The company called the operating environment supportive despite the currency swings. The Bank of Ghana, the central bank, expects inflation to stay within a range of 8% to 10%, according to the report.
What It Means for US Readers
US investors can follow MTN through the parent MTN Group in Johannesburg, while the Ghana shares trade on the Ghana Stock Exchange in Accra. The results show that MTN Ghana profit can grow sharply while the cedi weakens.
The company expects margins to ease to the mid-to-high-50% range with 5G spending. The US$202 million spectrum cost shows how much capital a 5G rollout needs.
What Is Not Known
The company gave no MTN Ghana profit forecast for the full year, only ranges for revenue growth and margins. It will review its three-to-five-year targets at the end of the year.
The combined figures are not formal consolidated accounts, so the separate profit of each company differs from the headline. The company has not said how much revenue the new spectrum will add once 5G is switched on.
More: Ghana news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did MTN Ghana make in nine months?
MTN Ghana and its mobile money arm made a combined profit after tax of GH¢7.75 billion (about US$664 million). That is 43% more than a year earlier.
What is MMFL?
MobileMoney Fintech Limited holds MTN Ghana’s mobile money business since 31 March 2026. Shareholders own both companies together.
Which period do the results cover?
They cover the nine months from 1 January to 30 September 2026. The company published them on Thursday 29 October 2026.
When is the next dividend paid?
The third-quarter dividend of GH¢0.03 per share (about US$0.003) is paid on Thursday 10 December 2026. Holders on the register on Thursday 26 November 2026 qualify.
What does the company expect for the full year?
It expects service revenue growth in the low-to-mid-30s percent. It also expects an EBITDA margin from the high-50s to the low-60s percent.
Sources: Scancom PLC (MTN Ghana), performance report for the nine-month period ended September 2026 (combined with MMFL), 29 October 2026; Scancom PLC (MTN Ghana), investor relations, financial results, 31 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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