Accra, Ghana//-MTN Ghana has made significant progress in localising its parent company, Scancom PLC; and MobileMoney Limited, another subsidiary responsible for mobile financial services in the country.
The leading telecom company announced this significant achievement in its unaudited financial statements for the first six-month period ending June 30, 2024, for the information of its shareholders.
The Chief Executive Officer of MTN Ghana, Stephen Blewett who took over from Selorm Adadevoh in April this year said: “MTN Ghana is committed to localising Scancom PLC and MobileMoney Limited and has made significant progress in this regard. By the end of the second quarter, the level of local ownership of Scancom PLC was 27.9%”.
He added: “We are committed to further localise Scancom PLC and MobileMoney Limited, and we will continue to work closely with regulators and other relevant stakeholders towards achieving our goal”.
The Journey
As of December 2023, MTN Ghana had achieved an additional 1.9 percentage point increase in the localisation of Scancom PLC, bringing it up to 25.1%.
At the end of December 2022, localisation recorded was 23.7%. Although the company achieved 25.0% localisation for Scancom PLC in March 2023, this trend reversed in June 2023 due to the issuance of scrip dividends, resulting in a 1.8 percentage point decrease to 23.2%, the then CEO Mr Adadevoh told shareholders at the company’s sixth annual general meeting on 22nd March 2024 held in Accra.
Assurance
The MTN Group has always affirmed it is committed to localising further to have more Ghanaians owning the shares of MTN Ghana and wants to get to 30%, which is the target it is committed to.
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