MTN Group has disclosed its $1bn commitment investment which will span for the next five years following the Ghanaian government exempting its Ghanaian unit from tax claims worth close to $773m.
The tax claim was first issued after the revenue authority in Ghana audited the mobile operator for the years 2014 to 2018 and claimed that the company under-declared its revenue by about 30% for the said period.
MTN chief executive officer Ralph Mupita also disclosed that the company was still committed to investing in Ghana despite the little misunderstanding which lasted a short while.
He said, “To be sure, macro-economic conditions are very challenging in the near term. That said, we are focused on the medium and long term and we are seeing growth,”.
He also added that the telecom operator intends to invest the amount mentioned in 5G technology development which it believes would enhance faster growth across all sectors in Ghana.
However, Ghana, which is one of the largest economies in Africa, has been enduring its worst economic crisis in a generation, with a huge debt-service load and increased currency depreciation, assailing government, and household finances.
Ghana has also seen its consumer inflation slow down to 53.6% year-on-year in January from 54.1% recorded in the previous month, according to data shown earlier on Wednesday, 15 February.