South Africa: MTN to invest $1 billion in Ghana

South Africa’s teleco MTN has agreed to invest  $1 billion in Ghana over the next five years.

MTN Chief Executive Officer, Ralph Mupita said the company is committed to investing in the West African country following a tax exemption amounting to about $773 million in broadening their 5G network in Ghana to spur further growth across various sectors.

The Ghana Revenue Authority initially claimed that MTN had underdeclared its revenue by about 30% between 2014 and 2018 after a series of audits.

Once hailed as a regional growth model, it is going through its worst economic crisis in decades, fuelled by the adverse effects of the Covid-19 pandemic and the Ukraine crisis.

The West African state is facing an economic crisis with inflation at more than 50% and its cedi currency down sharply.