High inflation, elevated interest rates and cash shortages are risks on operations
MTN’s largest business aims to grow revenue by at least a fifth even as high inflation, elevated interest rates and cash shortages continue to be risks on operations.
Like many other countries around the world, Nigeria — MTN’s largest market — has had its economy battered by rising living costs, especially on fuel, which has worked to reduce disposable incomes for consumers. “The macroeconomic outlook for the remainder of 2023 remains uncertain with elevated inflationary pressures, currency devaluation risks, sovereign debt sustainability risks and volatility in fuel prices,” said MTN Ghana.
Service revenue for the Ghana outfit grew 23.2% to 2.9-billion Ghanaian cedi . This was driven partly by mobile subscribers up 1.4% to 27.4-million with active mobile money users rising 15.9% to 13.4-million.One of the ways Ghana’s government was able to claw some funds for state coffers is through the introduction of taxes and levies for mobile money services, a new revenue stream that has proven lucrative for mobile operators.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVER STORY | MTN is back | BusinessAfter a difficult few years, MTN has come roaring back, more than doubling its market capitalisation in the last year. finweek takes a look at what can be expected from the company going forward, in our latest cover story.
Read more »
Police on high alert amid truck drivers strike threat on Sunday | The Citizen🚨 TruckDriversStrike on Sunday could cause disruptions on major transport routes 👀 Police are on high alert 🚛 TruckDrivers Protest Read more on TheCitizenNews ⤵️
Read more »
Police on high alert over 'national shutdown' by disgruntled truck driversPolice and law enforcement officers have been mobilised across the country in anticipation of a “national shutdown” by disgruntled truck drivers on Sunday.
Read more »
Police on high alert over 'national shutdown' by disgruntled truck driversPolice on high alert over 'national shutdown' by disgruntled truck drivers: Police and law enforcement officers have been mobilised across the country in anticipation of a “national shutdown” by disgruntled truck drivers on Sunday.
Read more »
Nigeria: Why Who Becomes Senate President Is Important for Tinubu's StrategistsStrong indications emerged at the weekend that the strategists of the President-elect, Bola Tinubu are showing strong interest on who becomes the next President of the Senate due to the uncertainty of the outcome of the various petitions challenging Tinubu's victory at the election tribunal, THISDAY has learnt.
Read more »
SARS is coming after these wealthy taxpayersThe revenue service is making strides in high-net worth taxpayer compliance.
Read more »