Ghana Telecom makes 119bnC in 1998

The High Street Journal reports that after two years of operations as a privately-owned company Ghana Telecom, the pioneer and biggest national telecommunications network operator, earned 119 billion cedis after tax profit in 1998.

This represents 109% growth over the 57 billion cedis post-tax profit, which the company made in 1997. The paper attributed the laudable performance to the massive $25 million new investment which the company sank into replacement of the Central Accra Switch, as well as expansion of the Tema Switch.

The High Street Journal says that the direct result of the capacity expansion was 26.4% growth in the number of Direct Exchange Lines (DELs) to 133,426 up from 105,534, the previous year. The paper says in addition, the new capacity allowed installation of 1,815 new public pay phones. The High Street Journal says that by early 1997, when Ghana Telecom bought over government shares in the former Post and Telecommunications, there were 453 pay phones.