MTN Ghana contributes ¢3.1bn to national revenue in 2021

According to MTN, the amount paid to government consisted of corporate taxes, Value Added Tax (VAT) levies and duties, withholding taxes, communication service tax, national fiscal stabilization levy, Pay As You Earn (PAYE), and payments to other government agencies.

The company said: “During the year, MTN made a fiscal contribution of ¢3.1 billion of which ¢2.8 billion was paid to government in direct and indirect taxes, representing 35.8 per cent of total revenue.”

Dr Ishmael Yamson, Chairman of the Board of the company, said this during their just-ended fourth Annual General Meeting since becoming a publicly listed company.

“Creating shared value and committed to being a strategic partner to Ghana’s development over the years, MTN has won various awards as the highest taxpayer in Ghana in recognition of its contribution to the fiscal development of the country,” he said.

He assured shareholders of continuous effective governance through adequate training and maintaining the right balance to ensure the long-term growth of the business.

Thereby: “Living our purpose – bringing hope to communities within which we operate,” Dr Yamson emphasised.

“As a responsible corporate institution, we are committed to remaining at the forefront of delivering sustainable development to communities, especially in this era of the pandemic,” he added.

Meanwhile, the company declared 11.5 pesewas per share to its shareholders as dividend, an increase of 43.8 per cent over what it paid to shareholders in 2020, and more than 70 per cent of its ¢2 billion profit for 2021.

In 2021, MTN Ghana recorded strong growth in service revenue ( 28.5 per cent year-on-year) and managed its costs prudently, which led to growth in profit after tax of 43.5 per cent year-on-year to ¢2 billion.

Mrs Antoinette Kwofie, Chief Finance Officer of the company, stated that: “In 2021, the Group (Scancom PLC and Mobile Money Limited) delivered a total revenue and service revenue growth of 28.0 per cent and 28.5 per cent year-on-year (YoY) respectively to ¢7.7 billion.”