MTN Ghana beats COVID-19 rage with 20% growth rate

MTN Ghana reported a significant growth in its first-quarter revenue for the year, with a 20.4% increase to GH¢1.44 billion despite the challenges posed by the COVID-19 pandemic. The growth was primarily driven by the company's mobile money (MOMO), data, and voice revenue streams. MOMO saw the highest increase at 30.4%, followed by data at 19.4%, and voice at 16.6%. The increase in revenue is attributed to a rise in active subscribers and customer value management initiatives. The demand for telecom services was expected to rise due to social distancing measures and the shift to remote work, which has been reflected in MTN Ghana's robust performance.

We were fair to Heritage, Premium banks — BoG

The Bank of Ghana (BoG) has defended its actions regarding the revocation of licences for Heritage Bank Limited and Premium Bank, stating the process was fair and transparent. Dr Ernest Addison, the Governor of BoG, responded to criticisms about the treatment of the banks, particularly Heritage Bank, which was accused by its board and Founder, Mr Seidu Agongo, of unjust treatment. The central bank cited several reasons for the revocation, including failure to meet the GH¢400 million capital requirement. Dr Addison also highlighted the success of the banking sector reforms, which have resulted in a stronger banking sector capable of supporting economic growth and protecting the deposits of over 1.5 million depositors.