MTN Group sees financial recovery as Nigeria and Ghana emerge as major contributors to the South African telecom giant’s cash generation thereby helping restore funds flowing back to its Johannesburg headquarters.
The development comes as MTN reported a strong first-half performance for 2026, with service revenue rising 17.5 percent year-on-year to R115.3 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) before once-off items increased by almost a quarter to R56 billion.
MTN received R13.9 billion in cash from its operating subsidiaries during the first six months of 2026, up from R8.2 billion in the same period a year earlier.
Ghana accounted for R6.6 billion of the cash upstreamed to the group, while Nigeria contributed R2.7 billion. Together, the two West African markets supplied about 67 percent of the cash returned to Johannesburg.
The shift highlights the growing importance of MTN’s West African businesses to the group’s financial performance.
