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In a great relief to Ghana, South Africa’s telecommunication giant MTN will invest a total sum of US$1 billion over the next five years, according to MTN Chief Executive Officer Ralph Mupita. The company, he said, was committed to investing in Ghana in domains like broadening its 5G network in Ghana to spur further growth across various sectors
In a great relief to Ghana, South Africa’s telecommunication giant MTN will invest a total sum of US$1 billion over the next five years, according to MTN Chief Executive Officer Ralph Mupita. The company, he said, was committed to investing in Ghana in domains like broadening its 5G network in Ghana to spur further growth across various sectors. Importantly, Ghana’s tax authorities granted a tax exemption amounting to about US$773 million, following an agreement between the company and the authority.
The Ghana Revenue Authority initially claimed, after a series of audits, that MTN had under-declared its revenue by about 30% between 2014 and 2018. Once hailed as a poster boy of the regional growth model, Ghana is going through its worst economic crisis in decades, triggered by the adverse effects of the Covid-19 pandemic and the Ukraine crisis.
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The rate of inflation in the west African country is at more than 50 percent and its cedi currency is down sharply. Its consumer inflation slowed slightly to 53.6% year-on-year in January from a more than two-decade high of 54.1% in the previous month.
