Shares in MTN Group took a smack on Monday after it said it was facing a R13-billion claim from Ghana’s tax authority.
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MTN Group has encountered significant turbulence in one of its more important markets, Ghana, with tax authorities there claiming they are owed billions in unpaid taxes.
MTN Group on Wednesday posted a near 18% jump in first quarter revenue, led by double-digit growth in commercial operations across South Africa, Nigeria and Ghana.
Vodafone Group is considering options for its Ghana business as it focuses on reorganising the group and paying down debt, according to people familiar with the matter.
MTN’s Ghana unit said on Tuesday it was withdrawing a legal challenge it had filed to the supreme court over the market regulator’s move to designate it a significant market power.
MTN Group’s unit in Ghana has sought review from the supreme court after a high court this week dismissed its challenge to a move by the regulator aimed at exposing it to greater competition.
A high court in Ghana has dismissed the local MTN Group unit’s challenge to a move by the national telecoms regulator aimed at exposing it to greater competition.
Ghana will implement a set of policies to reduce the dominance of MTN in the country’s telecommunications market, the government has said in a statement.
It’s not MTN’s biggest operation, but Ghana is nonetheless an important market for the group. And the latest results from the West African subsidiary are likely to cheer investors.
MTN Group has boosted sales ahead of targets in the third quarter, showing its ability to grow the business even with a major regulatory spat that’s rocked shares of Africa’s largest wireless carrier.