MTN Ghana lists on the GSE


  • MTN Ghana launched an initial public offering on 29 May 2018 in Accra, with subsequent launches across all the regional capitals of Ghana. We offered about 4,6 billion ordinary shares valued at about 3,4 billion Ghanaian cedis and representing up to 35% of the issued shares of MTN Ghana.
  • Regulators approved a minimum threshold for the offer to be declared successful. This was set at 10% of the offer, worth about 347 million Ghanaian cedis.


  • We exceeded the threshold and the final allotment was approved by the SEC on 29 August 2018.
  • We received a total of 226 781 applications made by 128 152 applicants.
  • Of the total applicants, 127 826 were Ghanaians.
  • We raised 1,1 billion Ghanaian cedis: more than three times the minimum amount required for success.

Key achievements

  • MTN Ghana was the first telecoms provider in Ghana to list on the Ghana Stock Exchange.
  • Ours was the first IPO in Ghana to be launched in all 10 regions of the country.
  • The amount raised in the MTN Ghana IPO was the highest to be raised in an IPO on the GSE and almost double all previous equity IPOs on the GSE all together.
  • Immediately after listing, MTN Ghana represented about 14% of the market capitalisation of the GSE as well as the largest Ghanaian shareholder base.
  • The IPO was the first in the world to use mobile financial services – MTN Mobile Money – as a medium to subscribe to shares.