In a surprising financial twist, MTN Ghana has reported a profit after tax of ₵3.6 billion ($327 million) for the first half of 2025, outpacing MTN Nigeria’s ₦414.9 billion ($271 million) by a margin of $56 million. The figures were shared by MTN Ghana CEO Stephen Blewett via LinkedIn, highlighting a 20% lead over the group’s largest market.
Ghana’s economic environment has played a pivotal role in this outcome. The country has seen relative macroeconomic stability, with the cedi holding firm, inflation moderating, and pro-business reforms supporting the tech sector. In contrast, Nigeria continues to grapple with currency devaluation, inflationary pressures, and economic uncertainty, which have significantly impacted corporate earnings when converted to USD.
Despite Nigeria’s subscriber base of 84.7 million, nearly three times larger than Ghana’s 30.2 million, the Ghanaian unit delivered higher value per user. This was driven by lean operations, strong fintech growth, and a 31% surge in service revenue to ₵8.1 billion.
MTN Ghana’s performance was bolstered by rapid expansion in its digital and mobile money segments. In the first half of 2025:
- Data revenue increased by 30.5%
- Fintech revenue surged by 48.2%
- MoMo transactions reached record highs
The company also maintained low capital expenditure relative to revenue, resulting in an EBITDA margin of 58.4%, significantly higher than Nigeria’s 50.6%.
MTN Nigeria is recovering from a ₦519.1 billion loss in H1 2024, largely due to ₦887 billion in forex losses. Although service revenue grew by 32.6% year-on-year, gains were offset by rising operational costs and the weakening naira, which continues to erode profitability.
The results challenge the assumption that market size guarantees profitability. MTN Ghana’s success underscores the importance of structural efficiency, digital innovation, and economic stability. For MTN Group, which operates in 19 countries, this may prompt a strategic reassessment of resource allocation and investment priorities.
Smaller, more stable markets like Ghana could emerge as more dependable profit centers than larger but volatile economies. As African nations diverge in monetary policy and investment climate, Ghana’s financial edge over Nigeria may signal a broader shift in regional telecom competitiveness.
