Grace Ashiru
MTN Group, Africa’s biggest mobile phone company, says it will invest $1 billion in Ghana over the next five years.The move comes after the Ghana Revenue Authority said the company’s Ghanaian unit didn’t have to pay $773 million in taxes because it only reported some of its income between 2014 and 2018.
Ralph Mupita, the CEO of MTN, says that despite the current macroeconomic problems, the company is still committed to investing in Ghana. The money will be spent on 5G technology, which the company thinks will help all industries grow.
This investment is a big help to Ghana’s economy, which is going through its worst economic crisis in a generation because of capital outflows, problems with paying off debt, and a fast drop in the value of its currency. In January, consumer inflation was 53.6% higher than last year’s.
This investment is a big help to Ghana’s economy, which is going through its worst economic crisis in a generation because of capital outflows, problems with paying off debt, and a fast drop in the value of its currency. In January, consumer inflation was 53.6% higher than last year’s.
MTN’s investment in Ghana is part of a larger plan to grow across Africa, including Nigeria, where the company has been talking with regulators about releasing payment services. The company also wants a more significant share of its business in Ethiopia. By selling shares, it hopes to get $600 million.
