MTN Ghana rally lifts Ghanaian executive Ebenezer Asante’s stake to $4.3 million

Ghanaian executive Ebenezer Asante has seen the market value of his stake in MTN Ghana climb to $4.3 million, benefiting from a sharp rally in the shares of the country’s largest telecom company. The gain underscores the strong run in Ghana’s listed telecom sector this year.

At 58, Asante serves as senior vice president for the Southern & East Africa, Ghana and Sudan regions, overseeing profit-and-loss responsibilities across the markets. His 8,000,100 MTN Ghana shares were worth GH₵49.76 million ($4.29 million) on Sept. 25, up GH₵16.16 million ($1.22 million) from Jan. 1.

MTN Ghana shares rise 48 percent

MTN Ghana shares have risen 48.1 percent year to date, lifting the stock to GH₵6.22 ($0.54) at the close of trading Friday. The rally has pushed the company’s market capitalization to GH₵82.3 billion ($7.1 billion), keeping it as Ghana’s most valuable listed company.

MTN Ghana’s latest share-price advance has followed a strong earnings run, with investors responding to higher data usage, expanding fintech activity and continued investment in network infrastructure. The Accra-based operator, majority-owned by South Africa’s MTN Group Ltd., reported substantially stronger results for the first half of 2026.

Earnings growth powers rally

Led by Chief Executive Officer Stephen Blewett, MTN Ghana reported combined profit after tax of GH₵5.13 billion ($441.5 million) for the six months ended June 30, up 43.3 percent from restated profit of GH₵3.58 billion ($308.1 million) a year earlier. Profit before tax increased 44.5 percent to GH₵7.41 billion ($638 million).

The stronger bottom line supported the declaration of a second-quarter dividend of GH₵0.03 ($0.0026) per share. Combined service revenue rose 32.3 percent to GH₵14.96 billion ($1.3 billion) from GH₵11.31 billion ($973.5 million) in the comparable period, while total revenue increased 32.2 percent to GH₵15 billion ($1.3 billion).

Revenue growth lifts margins

Earnings before interest, taxes, depreciation and amortization rose 39.8 percent to GH₵9.26 billion, lifting MTN Ghana’s EBITDA margin by 3.4 percentage points to 61.8 percent. The results give investors a stronger earnings backdrop for the stock’s advance and have increased the value of Asante’s holdings by more than $1 million since January.

Asante’s exposure to MTN Ghana comes alongside a senior leadership role spanning several of MTN’s African markets, placing his personal stake against the backdrop of the group’s broader regional operations. The rise in the holding’s value reflects the stock’s performance and does not represent realized gains unless the shares are sold.