Accra, Ghana//-MTN Ghana is well-positioned to capitalise on Ghana’s improving macroeconomic environment, where all the economic indicators are positive.
The year 2025, which ushered in the Second Mahama Administration on 7th January 2025, according to economists, went down in Ghana’s economic history as the year the reset truly began.
After inheriting an economy weighed down by inflation above 23 per cent, interest rates north of 30 per cent, a sharply depreciating cedi, battered investor confidence, and unsustainable debt dynamics, the Administration moved with speed and clarity to stabilise the fundamentals and rebuild trust.
At the centre of this recovery drive was the Minister for Finance, Dr Cassiel Ato Forson, backed by President John Dramani Mahama, who provided stellar leadership and unwavering political support.
What follows are the 20 key macroeconomic achievements and reforms implemented in 2025 that together reset Ghana’s economy.
Growth Reignited
- GDP expanded by 6.1 per cent in the first three quarters of 2025, up from 5.7 per cent over the same period in 2024 — the fastest growth since 2019.
- Non-oil GDP growth surged to 7.5 per cent, reflecting broad-based expansion in the real economy where most jobs are created.
These figures signalled a decisive end to the stagnation of previous years.
Indeed, Ghana’s macroeconomic indicators showed notable improvement in 2025. Inflation trended downward throughout the year, decreasing from 23.5% in January to 5.4% in December, with an average of 14.6% over the year (compared to 22.9% in 2024).
This was driven by continued maintenance of a tight monetary policy stance, sustained fiscal consolidation efforts, a stable currency and relative improvement in food supply.
The Ghana cedi strengthened significantly in 2025, helping to reduce inflationary pressures and boost consumer confidence. According to the Bank of Ghana, the exchange rate declined from USD/GHS 14.7 in December 2024 to USD/GHS 10.45 in December 2025, marking a 40.7% appreciation of the cedi relative to the US dollar.
Building on MTN Ghana 2025’s solid performance and operational agility, “we will continue to deliver value to our stakeholders.
Our commitment to finding efficiencies that enhance the bottom line remains unwavering, ensuring that we protect margins as the external environment becomes more favourable”, the company’s 2025 annual report stated.
Elevation
Furthermore, it was in 2025 that MTN Ghana’s stellar performance officially elevated it to become the third major subsidiary of the MTN Group after Nigeria (second) and South Africa (first), respectively.
The President and Chief Executive Officer (CEO) of MTN Group, Ralph Mupita, in a recent media engagement in Accra, underscored MTN Ghana’s consistent double-digit growth, sturdy digital adoption, and significant initiative towards mobile money, data and growing digital services.
These strategic steps, according to him, have positioned the Ghanaian market as one of the top-performing operations in the group.
Mr Mupita told the journalists: “Until last year, we had only two major subsidiaries — South Africa and Nigeria. Ghana has now been added as the third. This decision was based purely on performance and potential”.
Digital Infrastructure
The Africa’s leading telecoms giant sees Ghana as an attractive destination for digital infrastructure investment.
According to him, part of their recent visit to Ghana was to “recommit the MTN Group position in terms of seeing Ghana as an attractive destination for investment in digital infrastructure”.
He made this known during a programme dubbed Time With Raph Mupita and the theme ‘ Leading Digital Solutions For Africa’s Progress’
Mr Mupita, joined by the Group’s Senior Vice President, Ebenezer Asante, told journalists and other stakeholders that they are very encouraged and pleased with what they’ve seen the MTN Ghana business do.
He said: “Over the last five years, we spent about $1 billion equivalent in capital expenditure. We even expend $1.1 billion now in the next three years”.
It was an acceleration of investment that excites us. We think there is an opportunity for digital inclusion and financial inclusion of significant”.
Mr Mupita was quick to add that they want to be seen by the Government of Ghana as a partner for progress within His Excellency President John Dramani Mahama’s vision for the country. So, part of the visit was to reaffirm that which is very important, he stated.
“The second is that we think about our strategy within the context of where the nation state is going. For Ghana, we need to tailor our own strategy around that. And we see two engines; the one which is the digital economy building out digital infrastructure”.
Mr Mupita explained that this year alone, the Group rolled out another 500 minimum new sites to deal with the quality of service and expand coverage.
On the mobile money side, “we have intent to provide more advanced services, and we spent a bit of time talking to the Bank of Ghana, the Governor and the broader team, particularly in fintech around our broad processes”.
The Group CEO thinks all of these things link to the Group’s strategy.
Big plans
In 2026, MTN Ghana plans to scale its connectivity business by further enhancing data connectivity, expanding home solutions and advancing MTN Business (enterprise) offerings such as Yello Biz to empower enterprises of all sizes, the CEO of MTN Ghana said.
Additionally, he noted that its ongoing development of the myMTN and MoMo apps would add innovative services tailored to evolving customer needs, while continuous improvement of security and transaction capabilities would remain a priority.
Expanding our fintech products and forging new partnerships will be central to our strategy in 2026., Mr Blewett said.
“We are committed to deepening collaborations with financial institutions, agents and merchants, to broaden the reach of our fintech business and strengthen the overall fintech ecosystem, in line with Ghana’s digital transformation and financial inclusion priorities”.
Outlook
According to the Bank of Ghana (BoG), the country’s macroeconomic outlook for 2026 is projected to improve overall.
It anticipates that inflation will remain stable within a medium-term target range of 6-10%, supported by a steady foreign exchange environment.
This positive outlook is underpinned by better food supply, targeted interventions to stabilise the currency and ongoing fiscal consolidation.
However, persistent geopolitical tensions – including regional conflicts and global trade disputes – continue to pose risks to the macroeconomic landscape both globally and within Ghana.
MTN Ghana says it will continue to closely monitor the evolving operating environment and take proactive measures to maintain operational excellence.
At this time, they are maintaining their medium-term service revenue growth guidance of mid-to-upper thirties per cent.
However, the company wishes to emphasise that this guidance may change if there are material shifts in the operating environment.
Similarly, MTN Ghana anticipates EBITDA margins in the mid-to-upper fifties per cent, while maintaining a dividend payout ratio of 60-80%.
MTN Ghana remains focused on capitalising on market opportunities and consistently delivering value to its stakeholders.
Ghana’s telecommunications industry watchers, including the President of Journalists For Business Advocacy (JBA), Suleman Mustapha, are excited that MTN Ghana’s deepening capital investment could drive the socio-economic development of Ghana.
By Masahudu Ankiilu Kunateh, African Eye Report
