MTN pays GHS 4bn in taxes; GHS 313m in fees, levies to gov’t agencies for Q3 2023

MTN for the third quarter of 2023 contributed GHS 4 billion in direct and indirect taxes, as well as GHS 313.4 million in fees, levies and other payments to Government agencies. This is per data contained in the company’s Q3 2023 financial statement.

According to MTN, it is committed to being a development partner to the Government and a tax-compliant
corporate citizen which takes its statutory obligations seriously.

“Our commitment to socioeconomic development continues to be a priority and we look forward to
continuing to play our part in Ghana’s sustainable development,” the company further stated in its Q3 2023 financial statement.

MTN’s voice revenue within the review period grew by 14.5% YoY to GHS 2.7 billion. The impact of the National Communications Authority’s (NCA) directive on SIM disconnections continued to impact the company’s subscriber base, resulting in a 9.3% YoY decrease to 25.8 million. Hence voice revenue contribution to service revenue declined from 33.4% to 28.1%.

in the number of active users and continued increases in MB data consumed per active user per month (+36.0% YoY).

This led to data traffic rising by 39.6% YoY. The contribution of data revenue to service revenue increased from 39.5% to 42.8% YoY.

Also, MoMo revenue increased by 51.6% YoY to GHS 2.1 billion. This was underpinned by growth of 63.4% YoY in cash-out revenue, a 63.2% YoY increase in advanced services revenue and 15.0% YoY growth in peer-to-peer (P2P) revenue. The contribution of MoMo revenue to service revenue increased from 19.1% to 21.3% YoY.

EBITDA of MTN increased by 32.6% YoY to GHS 5.4 billion with a margin decline of 1.5 percentage points to 56.0% due to the impact of elevated inflation.