MTN Group has stated that it will invest $1 Billion in Ghana over the next five years. The announcement was made after the Ghanaian government exempted its Ghanaian unit from tax claims worth about $773 million.
MTN CEO Ralph Mupita said the company was committed to investing in Ghana despite short-term headwinds.
“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 said in a statement.
Recently, the Ghana Revenue Service charged the mobile operator with a $773 tax bill. The GRA later exempted the company’s bill for back taxes earlier this month.
The tax claim was initially issued after the revenue authority audited the company for the years 2014 to 2018 and inferred that it under-declared its revenue by about 30% during the period.
MTN intends to invest $1 billion amount in 5G technology, which it believed would spur faster growth across sectors.
The firm was supposed to roll out its 5G network last year but later postponed it to 2023.
The company has rolled out 5G in other African countries including Nigeria and Zambia.