MTN Ghana posted higher profits than its larger Nigerian counterpart in the first half of 2025, buoyed by a stronger currency, healthier margins, and a more stable economy, according to The PUNCH’s analysis of the companies’ latest results.

The Ghanaian unit recorded a profit before tax of N3.6bn ($327m) for the six months to June, a 55.8% year-on-year increase. In comparison, MTN Nigeria reported a profit after tax of N414.9bn ($271m), recovering from a N519.1bn loss a year earlier.

Despite operating in a market with roughly a third of Nigeria’s 84.7 million subscribers, MTN Ghana’s EBITDA margin rose 2.3 percentage points to 58.4%, compared to Nigeria’s 50.6%. The Ghana unit earned N6.6bn ($599m) in EBITDA, up 45.5%, while Nigeria’s rose 119.5% to N1.2trn ($783m).

Ghana’s performance was supported by the cedi’s sharp appreciation from ₵15.3 to ₵10.3 per US dollar and inflation easing to 13.7% in June, its lowest since late 2021. These macroeconomic tailwinds reduced import costs and foreign exchange losses.

Nigeria, meanwhile, continues to battle the impact of a 70% naira devaluation since 2023, which has inflated operating expenses. However, signs of recovery are emerging: inflation moderated to 22.2% in June and the naira stabilised around N1,530 per US dollar.

Karl Toriola, MTN Nigeria CEO, said the company delivered strong service revenue growth in H1, driven by demand, customer value management, and price adjustments. MTN Ghana CEO Stephen Blewett credited “strong commercial momentum and execution” for the results.

MTN Ghana’s subscriber base grew 6.5% to 30.2 million, with 18.2 million active data users and 17.7 million Mobile Money users. MTN Nigeria saw data users grow 11.8% to 51 million.