Telecommunications leader MTN Ghana has stunned industry observers by reporting a significant 55.8% increase in profits after tax for the first half of the 2025 fiscal year, reaching GH¢3.6 billion (approximately $327 million). The remarkable growth comes with a subscriber base of 30.2 million, far smaller than that of its Nigerian counterpart.
In a surprising twist, MTN Ghana’s H1 2025 profit surpasses that of MTN Nigeria, which reported ₦414.9 billion ($271 million) in profit after tax for the same period a difference of $56 million. This is despite MTN Nigeria operating in Africa’s largest telecom market with over 84.7 million subscribers, nearly triple Ghana’s numbers.
The profit margin per subscriber appears to be a key differentiator, with MTN Ghana extracting significantly more value per user compared to MTN Nigeria. Analysts point to a combination of operational efficiency, favorable regulatory environment, currency stability, and strong data and mobile money growth as potential drivers of Ghana's profitability surge.
"This performance underscores the strength of MTN Ghana’s business model and its ability to innovate and adapt in a rapidly evolving market," said an industry analyst. “It’s also a wake-up call to larger markets like Nigeria, where macroeconomic volatility and regulatory headwinds may be weighing down growth.”
MTN Ghana’s impressive results have ignited discussions across the telecom sector and investor community, particularly around strategies for sustainable growth in smaller but more agile markets.
MTN Group is expected to comment further on the contrasting regional performances in its upcoming earnings call.