MTN Ghana Overtakes MTN Nigeria in Profit, Posting $327M in First Half of 2025

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In a development that has stunned industry watchers, MTN Ghana has outperformed MTN Nigeria in profitability for the first half of 2025, posting a profit after tax of ₵3.6 billion ($327 million). This figure eclipses MTN Nigeria’s ₦414.9 billion ($271 million) by a margin of \$56 million, according to MTN Ghana CEO Stephen Blewett in a LinkedIn update.

The milestone represents a 20% lead over MTN Group’s largest market and is being credited to Ghana’s relatively stable economic environment. The cedi has held steady, inflation has moderated, and pro-business reforms have strengthened the tech and telecoms sectors.

In contrast, MTN Nigeria’s earnings were weighed down by currency devaluation, high inflation, and persistent economic uncertainty, all of which reduced USD-converted profits despite strong naira figures.

Ghana’s subscriber base stands at 30.2 million—less than half of Nigeria’s 84.7 million—yet the West African nation delivered higher value per user. This was fueled by leaner operations, robust fintech adoption, and a 31% year-on-year surge in service revenue to ₵8.1 billion.

Analysts say the results highlight the importance of operational efficiency and market stability over sheer subscriber numbers, marking a shift in how performance within the MTN Group may be measured going forward.