Senior executives of MTN Ghana have received substantial share-based incentives under MTN Group’s Performance Share Plan 2010, with the awards reflecting their roles within the company’s Ghanaian operations.

According to a report from Graphic Online, the Chief Executive Officer of MTN Ghana, Stephen Blewett, was granted 21,382 MTN Group shares valued at about R4.12 million (approximately US$252,000).

The Chief Financial Officer, Antoinette Kwofie, also received 13,660 shares worth roughly R2.63 million (about US$160,000). Both executives are directors of Scancom Ghana PLC, which oversees MTN’s business in Ghana.

The share awards were executed on March 31, 2026, at a price of R192.50 per share. They are subject to performance conditions and will vest over a three-year period.

Sugentharen Perumal, also a director of Scancom Ghana PLC, received 35,436 shares valued at approximately R6.82 million (around US$415,000).

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The awards were denominated in South African rand, MTN Group’s reporting currency. Using an exchange rate of 16.45 rand to the US dollar (as of April 8, 2026), the estimated dollar values are:

• Sugentharen Perumal – R6.82 million (US$415,000)

• Stephen Blewett – R4.12 million (US$252,000)

• Antoinette Kwofie – R2.63 million (US$160,000)

The incentive scheme also covered senior leadership across MTN’s African footprint. Ralph Mupita, President and CEO of MTN Group, received 207,633 shares valued at approximately R39.97 million (US$2.43 million), the largest allocation.

Group Chief Financial Officer Tsholofelo Molefe was awarded 111,931 shares worth around R21.55 million (US$1.31 million), while Ebenezer Asante received 120,880 shares valued at about R23.27 million (US$1.42 million).

Other executives who benefited include Ferdinand Moolman, who was granted 104,545 shares worth R20.13 million (US$1.22 million); Paul Norman with 56,333 shares valued at R10.84 million (US$660,000); and Yolanda Cuba, who received 62,718 shares worth R12.07 million (US$734,000).

MTN Group also confirmed that all beneficiaries who are required to meet Minimum Shareholding Requirements have satisfied those obligations. The vesting date has been set for December 10, 2028, aligning with the timeline of the original grant date of December 10, 2025.

All awards were classified as off-market share allocations to employees, with recipients holding direct beneficial interests.

The share grants were disclosed through the Johannesburg Stock Exchange (JSE) News Service on April 7, 2026, as part of regulatory requirements, highlighting MTN Group’s continued use of long-term incentive schemes to reward performance and align executives’ interests with the company’s broader strategic goals.

SO/EB