MTN Ghana has announced strong service revenue growth of 29.3% year on year in the first quarter of 2018, led by a 51.5% increase in data revenue.

MTN Mobile Money was a stand-out performer, accounting for 15% of MTN Ghana’s total revenue. There was good growth in subscribers in the quarter, with net additions of 484 000 to reach a total of 16.2 million subscribers.

Active Mobile Money subscribers increased to 7.4 million and there were 6.6 million active data subscribers.

Furthermore, MTN Ghana is planning to move ahead with its localization through an Initial Public Offer (IPO) on the Ghana Stock Exchange (GSE).

“On 20th April 2018, we received all required regulatory approvals to proceed with the IPO and expect to make the offer available in late May 2018.

A key priority will be to facilitate a broad base of local Ghanaian shareholders who can share in the risks and rewards of ownership of MTN Ghana,” a statement by MTN said.

MTN Group Vice President for Southern and East Africa and Ghana and the current CEO of MTN Ghana, Ebenezer Asante said: “I am pleased with our performance in the first quarter and look forward to the listing of MTN Ghana on the GSE.

We have worked diligently to complete all regulatory requirements and are finalising internal processes to enable us to successfully execute the IPO,” he said.

In 2015, MTN Ghana won a bid for a 4G licence in the 800 MHz spectrum. Under the terms of the licence, the National Communications Authority (NCA) required MTN Ghana to offer Ghanaian investors an opportunity to own part of its shares.

The listing is considered by the NCA as a mechanism to meet this requirement.