Multinational companies must emulate MTN’s business innovations-Deputy Minister

Evans Opoku Bobie, Deputy B/A Minister

The Deputy Brong Ahafo Regional Minister, Evans Opoku Bobie, has urged multinational companies in the country to strive for innovative ways of doing business to help boost economic growth and development.

He said companies can take a cue from MTN-Ghana’s continuous innovative drive and willingness to take on new challenges in the telecom industry. “MTN ventured into the realm of mobile money and today we are all witnesses to the transformation this innovation has brought to Ghanaians. I believe if we got more companies of its kind in Ghana, we will see more economic growth.”

Acknowledging the contribution of telecommunications and ITC to the country’s economy, Mr. Bobie pointed out that the expansion of the 4G technology nationwide has and will continue to unlock and accelerate the growth of an information and knowledge-based society whilst driving economic growth, adding “government has recognized the enormous benefits of ICT to the Ghanaian citizenry and we will continue to put in structures and policies that will help grow the industry.”

The Deputy Minister was speaking at the Brong Ahafo Regional launch of MTN Ghana’s 35% initial public offering (IPO) in Sunyani. The Sunyani mini launch followed the official launch in Accra of the largest public share offer in the history of Ghana’s capital market.

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He commended MTN for its decision to include the mobile money platform as one of the channels for the IPO. “This will make it easy for a lot more people to invest in shares. This confirms that the business is interested in extending the rewards and risks to the larger Ghanaian population.”

The Chief Finance Officer, MTN Ghana, Mr. Modupe Kadri said the company is thrilled by the fact that Ghanaian patrons of its IPO will benefit from its sound financial gains as MTN maintains the track record of investing in the business, focus on high opportunities to deliver attractive financial returns.

“Since 2013, we have built a track record of translating significant investment into strong financial performance: 18% annual revenue growth; 39.2% average EBITDA margins; 39.3% average return on equity and 56.2% of net profit, on average, paid out as dividends to shareholders,” he stated.

Mr. Kadri observed that the novelty use of mobile money platform to buy MTN shares in the IPO will accelerate financial inclusion in the capital markets of Ghana, for many people in the length and breadth of this country who would not ordinary have access to the capital markets.

He recounted the contribution and achievement of MTN over the years. “We have more than 200,000 retailers and over 100,000 mobile money retailers across the country who received a total of GH¢19.6 million (US$4.4 million) as commission in 2017. MTN paid a total of GH¢1.059billion as taxes for 2017.”

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