MTN Ghana's latest unaudited financial statements reveal that the telecom operator paid GH₵9 billion in direct and indirect taxes to the state in the nine months to September 30, 2026. This figure surpasses the GH₵7.8 billion it posted as profit after tax over the same period. The tax payment marks a rise from GH₵7.3 billion a year earlier.
In addition to the tax bill, MTN Ghana also paid GH₵533.6 million in fees and levies to various government agencies during the period. Despite the heavy outlay to government, MTN Ghana's profit after tax climbed 43.0 percent year-on-year to GH₵7.8 billion. The growth was underpinned by a 33.5 percent jump in service revenue, which reached GH₵23.2 billion.
Data revenue was the single biggest driver of the growth, surging 44.5 percent to GH₵13.5 billion as active data subscribers rose 16.1 percent to 22.0 million. Digital revenue nearly doubled, up 98.0 percent to GH₵642 million, while Mobile Money revenue grew 24.4 percent to GH₵5.4 billion.
Earnings before interest, tax, depreciation and amortisation (EBITDA) — a measure of a company's core operating profitability before accounting and financing costs — rose 40.6 percent to GH₵14.3 billion, with the EBITDA margin expanding by 3.1 percentage points to 61.5 percent. Profit before tax climbed 47.0 percent to GH₵11.4 billion.
The company's tax expense for the period came to GH₵3.6 billion, up from GH₵2.3 billion a year earlier, a rise attributed to higher taxable earnings. MTN Ghana also spent GH₵3.2 billion in capital expenditure during the nine months, yet still managed to grow earnings per share by 42.9 percent to GH₵0.586.
MTN Ghana's chief executive, Stephen Blewett, said the results reflected the resilience and diversification of the company's growth engines. He pointed to continued investment in network capacity, including the acquisition of 5G spectrum in the 700 MHz and 3 GHz bands for US$202 million, as part of the company's expansion drive.
The scale of MTN Ghana's tax contribution comes against a backdrop of continued scrutiny of the country's fiscal position, with institutions such as the IMF and Fitch having recently flagged risks to Ghana's growth outlook and revenue base in reports on the economy's near-term trajectory and pressures on public revenue. The company declared a third-quarter interim dividend of GH₵0.03 per share.
Key points
- MTN Ghana's tax bill of GH₵9 billion exceeds its profit after tax of GH₵7.8 billion for the nine months to September 2026.
- The company's profit after tax climbed 43.0 percent year-on-year to GH₵7.8 billion, driven by growth in data, digital, and Mobile Money revenue.
- MTN Ghana's EBITDA rose 40.6 percent to GH₵14.3 billion, with the EBITDA margin expanding by 3.1 percentage points to 61.5 percent.
