MTN Ghana's profit after tax for the nine months to September 2026 rose 43% to GH¢7.8 billion. The company's taxes paid over the same period totaled GH¢9.0 billion, up from GH¢7.3 billion a year earlier. Additionally, MTN paid GH¢533.6 million in fees and levies to state agencies. The tax payments exceeded the profit itself, as noted by the Daily Graphic.
The nine-month profit roughly matches the GH¢7.8 billion MTN Ghana reported for the whole of 2025. Service revenue grew 33.5% to GH¢23.2 billion, while earnings before interest, tax, depreciation, and amortization (EBITDA) rose 40.6% to GH¢14.3 billion. This lifted the EBITDA margin by 3.1 percentage points to 61.5%. Profit before tax rose 47% to GH¢11.4 billion, with the tax charge climbing 56.1% to GH¢3.6 billion.
Data revenue was a significant contributor, rising 44.5% to GH¢13.5 billion and making up 58.1% of MTN Ghana's service revenue. Active data subscribers increased 16.1% to 22.0 million, with each active user consuming an average of 19.8GB per month, up 36.8% from the previous year. Voice revenue grew 7.6% to GH¢3.1 billion but its share of service revenue fell to 13.3% from 16.5%.
Digital revenue, from gaming, video, and content services, nearly doubled to GH¢642 million. Total mobile subscribers rose 12.7% to 34.3 million, with about 1.5 million added in the third quarter alone. Mobile Money revenue rose 24.4% to GH¢5.4 billion, although its share of service revenue slipped to 23.2% from 24.9%. Active MoMo users increased 6.9% to 18.9 million.
Basic services such as person-to-person transfers brought in GH¢3.5 billion, up 22.2%, while advanced services, including payments and lending, grew 28.7% to GH¢1.9 billion. In May, MTN announced a 0.75% fee on MoMo-to-bank transfers from June 1. The boards of Scancom PLC and MMFL declared a third-quarter dividend of GH¢0.03 per share, with an ex-dividend date of November 24 and payment date of December 10.
Capital expenditure fell 27.2% to GH¢3.2 billion, and free cash flow almost doubled to GH¢7.4 billion. In the third quarter, the National Communications Authority awarded MTN spectrum in the 700 MHz and 3 GHz bands for 5G and mobile broadband on 15-year licences. The US$202 million cost is already built into MTN's free cash flow outlook and will not change its 2026 dividend plans.
For the full year, MTN expects service revenue growth in the low-to-mid 30s percent and an EBITDA margin in the high 50s to low 60s. The cedi lost 12.1% against the US dollar over the nine months, weakening from GH¢10.45 to GH¢11.71. MTN Ghana's CEO, Stephen Blewett, stated that the company delivered another strong quarter in Q3 2026, with broad-based growth across its Connectivity and Fintech businesses.
Key points
- MTN Ghana's nine-month profit after tax rose 43% to GH¢7.8 billion.
- Taxes paid totaled GH¢9.0 billion, exceeding the profit.
- Data revenue made up 58.1% of MTN Ghana's service revenue.
