MTN Ghana Targets $200 Million Investment in Network Expansion and IT Upgrades for 2024
MTN Ghana has set an ambitious target to invest $200 million in 2024 as part of its broader $1 billion capital expenditure plan aimed at upgrading its network infrastructure and IT systems over the next five years.
The investment marks a critical step for the telecom giant, which is seeking to bolster its network capacity and improve service quality across the country amid intensifying competition in Ghana’s telecommunications market.
Speaking at the Ghana Stock Exchange’s “Facts Behind the Figures” programme, MTN Ghana CEO Stephen Blewett emphasized the importance of continued capital investment to maintain the company’s growth momentum.
“We have to continue investing capital,” Mr Blewett said. “Over the next five years, MTN Ghana plans to spend $1 billion, with a substantial portion of the funds allocated to network expansion and modernisation.”
The scale of the investment underscores MTN Ghana’s determination to retain its competitive edge by enhancing service delivery and customer experience. Mr Blewett noted that the company’s efforts were already underway, with significant infrastructure upgrades in the Greater Accra region, and plans to extend these improvements nationwide.
Central to MTN Ghana’s investment strategy is the deployment of advanced technologies aimed at optimising network performance. The company is currently replacing outdated equipment with more efficient systems, including the adoption of “massive MIMO” technology, which allows for increased network capacity without requiring additional spectrum.
According to Mr Blewett, this upgrade is essential to meet the growing demand for data services while ensuring faster speeds and improved reliability.
The capital expenditure programme also aligns with MTN Ghana’s broader digital transformation agenda, which has been a key driver of the company’s recent financial performance.
In the first half of 2024, the company reported a 31.2% year-on-year growth in service revenue to GHS 8.1bn, with data and mobile money (MoMo) revenues contributing significantly to this surge. Data revenue alone saw a 55% increase to GHS 4bn, reflecting the rising demand for internet services as more Ghanaians rely on data for communication, entertainment, and business purposes.
Despite the strong growth in data and mobile money services, voice revenue declined by 3.1% year-on-year to GHS 1.7bn, highlighting a shift in consumer behaviour as users increasingly prioritise data over traditional voice services.
Nonetheless, MTN Ghana’s mobile money revenue grew by an impressive 44.8% to GHS 1.9bn driven by a 16.2% rise in active users and the introduction of advanced digital financial solutions. Peer-to-peer transactions through MoMo increased by 43.1% over the same period, while digital revenue from services such as video streaming and gaming surged by 59.4% to GHS 101m.
MTN Ghana’s capital investment is not only geared towards network expansion but also enhancing customer experience through the use of advanced analytics. The company has implemented systems that track customer experiences at the individual phone level, allowing for real-time monitoring and quicker resolution of service issues.
As MTN Ghana moves forward with its five-year investment plan, the company is positioning itself to meet the evolving needs of its customers while solidifying its role as the market leader in Ghana’s telecommunications industry.
The $1 billion capital programme represents a bold commitment to future growth and innovation, with a clear focus on delivering cutting-edge services and improving digital inclusion across the country.
