MTN’s GH¢7.4 billion question: Is it a real measure of customer value?

Introduction

MTN Ghana’s half-year financial performance for 2026 presents both a powerful business success story and an important consumer protection question. The telecommunications company generated approximately GH¢14.9 billion in service revenue during the six months ending 30 June 2026, compared with GH¢11.3 billion in the corresponding period of 2025. It also reported profit before tax of about GH¢7.4 billion. The results were released through the Ghana Stock Exchange on July 31, 2026.

These figures demonstrate strong commercial execution, rising digital demand and the growing importance of telecommunications to Ghana’s economy. However, they also invite a legitimate question. Are customers receiving better speed, wider coverage, improved security and dependable support in return for their increasing expenditure, or is a dominant operator extracting exceptional returns from a market with limited competitive alternatives?

The answer is not found in profit alone. It lies in the relationship among profitability, affordability, service quality, investment, transparency and customer satisfaction.

MTN Ghana’s GH¢7.4 billion profit before tax reflects impressive commercial performance and the rapid growth of Ghana’s digital economy. Yet the true measure of this success is whether customers are receiving better network quality, affordable data, transparent billing, stronger security and greater satisfaction in return for their increasing expenditure.

Understanding the financial performance

A careful interpretation of the results is necessary because some public reports appear to mix profit before tax with profit after tax. The detailed results reported profit before tax of GH¢7.4 billion, representing growth of approximately 56.4 per cent, while profit after tax reached about GH¢5.1 billion. Some reports instead compared the GH¢7.4 billion profit before tax with the previous year’s GH¢5.1 billion figure, producing growth of about 44.5 per cent.

Profit before tax was equivalent to approximately 49.7 per cent of service revenue. This is not a formal net profit margin because service revenue is only one component of the financial statements, but it illustrates the company’s considerable earnings capacity.

The company declared a gross second quarter interim dividend of GH¢0.03 per share. With about 13.236 billion ordinary shares, this represents a gross Scancom dividend commitment of approximately GH¢397.1 million for the quarter before applicable taxes.

What is driving the growth?

The growth is principally connected to increased data consumption, Mobile Money activity, digital services and operational efficiency. MTN reported about 21.3 million active data users, with average monthly data consumption rising to approximately 19.3 gigabytes per customer.

The National Communications Authority reported 30.52 million mobile data subscriptions across Ghana in June 2026. MTN accounted for 24.44 million of them, giving the company a mobile data market share of 80.10 per cent. Telecel held 15.90 per cent, while AT Ghana held 4.00 per cent. Total mobile data penetration was estimated at 89.54 percent.

This concentration is significant. MTN was declared a Significant Market Power operator by the National Communications Authority in 2020. That classification does not mean the company is guilty of exploitation. It means its scale and influence justify closer regulatory oversight to protect competition and consumers.

Is it a business rip-off?

High profit does not automatically constitute a business rip-off. A company that develops infrastructure, manages risk, innovates and serves millions of customers deserves a reasonable return on investment.

MTN has announced plans to invest the equivalent of US$1.1 billion in Ghana over three years and to establish at least 500 additional network sites by the end of 2026. It has also received recognition for mobile and fixed network performance. Such investment supports the argument that earnings are being reinvested in infrastructure and customer experience.

However, the public concern becomes justified when customers experience unexplained data depletion, interrupted calls, delayed Mobile Money reversals, poor complaint handling, weak rural signals or prolonged service disruptions without adequate compensation.

In March 2026, an incident involving cuts to three transmission fibre cables affected 57 second generation sites, 57 third generation sites, 57 fourth generation sites and fixed fibre services in parts of Greater Accra. Services were subsequently restored, but the disruption demonstrated the economic vulnerability created when businesses, hospitals and households depend heavily on one network.

The appropriate verdict is therefore conditional. MTN’s performance represents customer experience enhancement when higher revenues produce faster service, wider coverage, better cybersecurity, fair pricing and effective complaint resolution. It becomes corporate extraction when profits rise rapidly while service quality, affordability and transparency fail to improve proportionately.

Impact on government initiatives

A profitable MTN supports government through corporate taxes, communication service taxes, regulatory fees, spectrum payments, employment taxes and dividends received by Ghanaian investors.

Strong telecommunications infrastructure is also essential to the Ghana Digital Acceleration Project. The US$200 million programme seeks to expand broadband access, improve digital public services and strengthen Ghana’s digital innovation ecosystem. It is expected to extend mobile internet and broadband access to millions of people, particularly in underserved communities.

MTN has additionally committed US$2 million to support the Government’s One Million Coders Programme. This can promote digital skills, youth employability and technology entrepreneurship.

Reliable connectivity is equally fundamental to Ghana.gov, electronic taxation, digital identification, online education, telemedicine and the twenty four hour economy. Government cannot successfully digitise public administration while citizens face unreliable connectivity or unaffordable data.

Impact on businesses

Businesses benefit when reliable connectivity reduces communication and transaction costs. Small enterprises can advertise, receive Mobile Money payments, communicate with suppliers, monitor deliveries and reach customers without opening expensive physical branches.

Large companies depend on telecommunications for cloud systems, electronic commerce, banking, logistics, security, customer support and remote work. Better data services can increase productivity and strengthen Ghana’s attractiveness to technology and service sector investors.

However, concentration creates operational risk. A prolonged network failure can interrupt sales, payments and customer communications across thousands of enterprises. Businesses therefore require measurable service agreements, transparent billing, prompt complaint resolution and fair compensation for serious outages.

Impact on investors

For investors, MTN Ghana offers strong revenue growth, high profitability and regular dividend potential. The expansion of the EBITDA margin to 61.8 per cent suggests effective cost control and strong operating leverage.

The risks are equally important. These include stronger regulation, cybersecurity incidents, infrastructure damage, customer dissatisfaction and possible political pressure over data pricing. An investor should therefore assess not only earnings per share but also network quality, capital expenditure, consumer complaints and regulatory compliance.

Long-term shareholder value is strongest when customer loyalty and corporate profitability grow together.

Impact on households

For households, telecommunications is no longer a discretionary luxury. Data supports education, job applications, banking, health information, entertainment and family communication.

Ghana’s economy grew by 6.4 per cent during the first quarter of 2026, while consumer inflation stood at 5.3 per cent in June. MTN’s service revenue growth of 32.3 per cent was therefore far above general inflation. Adjusting the revenue growth roughly for inflation suggests real growth of about 25.6 per cent. This indicates that the increase was driven not merely by higher prices, but also by greater usage, customer activity and service demand.

Nevertheless, data expenditure can consume a considerable share of the income of low earning households. Customers need clear bundle expiry information, real time usage records, fraud protection, simple complaint channels and affordable packages for education and essential services.

The required customer value test

The National Communications Authority introduced stricter service quality requirements in February 2026. These include a call drop rate below 1 per cent, successful connection of more than 95 per cent of attempted calls in most operational cells, average third generation download speeds above one megabit per second and a messaging delivery success rate of at least 98 per cent.

MTN’s profits should therefore be judged against five measurable outcomes:

1. Improved network speed and reliability in every district.
2. Transparent data usage and billing information.
3. Faster complaint resolution and automatic compensation for qualifying outages.
4. Affordable packages for households, students and small businesses.
5. Continuous investment in rural coverage, cybersecurity and digital inclusion.

Conclusion

MTN Ghana’s GH¢7.4 billion profit before tax is neither automatic evidence of exploitation nor automatic proof of customer satisfaction. It is evidence of extraordinary market strength.

The company deserves recognition for investment, innovation, tax contributions, employment and digital inclusion. At the same time, its 80.10 per cent mobile data market share places a higher responsibility on it to demonstrate fairness, transparency and measurable customer value.

When profitability produces stronger networks, affordable access, secure Mobile Money transactions and satisfied customers, the result is genuine customer experience enhancement. When earnings increase while customers remain burdened by poor service, unexplained deductions and weak complaint resolution, the perception of a business rip-off becomes difficult to dismiss.

MTN’s greatest achievement should therefore not be measured only by billions of cedis earned. It should also be measured by the confidence, productivity and satisfaction of every Ghanaian connected to its network.

By Prof. Samuel Lartey

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