MTN Ghana's $1 Billion investment plan unveiled after tax exemption

South Africa’s telecommunication giant MTN has agreed to invest a total sum of $1 billion in Ghana over the next five years.

MTN Chief Executive Officer Ralph Mupita said the company was committed to investing in the west African country following a tax exemption amounting to about $773 million.

He said they intend to invest 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 percent and its cedi currency 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, data showed earlier on Wednesday.