MTN Ghana to extend earnings into second-half of 2026; share price going for GH₵ 6.69
According to analysis by Databank Research, the management's elevated capital expenditure programme, largely directed towards network modernisation, additional spectrum deployment and capacity expansion, should improve network quality and support continued growth in high-value data subscribers amid rising digital adoption
MTN Ghana anticipates extending its earnings into the second half of 2026, driven by robust growth in its data and fintech sectors. Databank Research forecasts that the company's substantial capital expenditure, focused on network modernization, spectrum expansion, and capacity growth, will enhance network quality and foster increased high-value data subscriptions amid heightened digital adoption.
Furthermore, the anticipated merger of MobileMoney Limited and MobileMoney Fintech Limited is anticipated to spur product innovation, deepen ecosystem integration, boost fee income, and enhance operational efficiency. The firm remains confident in MTN Ghana's ability to achieve further robust gains, citing its defensive earnings profile, strong cash generation, and favorable dividend credentials as key factors supporting investor confidence and facilitating further re-rating, even as the shares have already surged 66.67% year-to-date.
Currently, MTN Ghana's shares are trading at GH₵ 6.69, with a year-to-date return of 59.3%. In the first half of 2026, the company reported a profit before tax of GH¢7.4 billion, a 44.5% increase from GH¢5.1 billion in the same period last year. Service revenue also surged to GH¢14.9 billion from GH¢11.3 billion, reflecting a 32.3% growth.
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