Telecommunication giant MTN Group has announced its intention to withdraw from smaller markets in West and Central Africa, with plans to focus on stronger markets like Ghana, Cameroon, and Cote d’Ivoire. This strategic move comes as MTN Group accepts an offer from Telecel for the sale of its equity interests in MTN Guinea-Bissau and Guinea-Conakry, as revealed in the company’s 2023 financial report.
The sale of these business segments, although the cost remains undisclosed, signifies MTN’s commitment to streamlining its operations and prioritizing markets that contribute significantly to its revenue. According to MTN’s spokesperson, further updates regarding the transaction will be provided in due course.
MTN emphasized that Telecel, an established telecoms operator in Africa, is well-positioned to drive growth and development in the Guinea-Bissau and Guinea-Conakry markets, contributing to technological advancement and economic progress.
The decision to exit these markets aligns with MTN’s goal of optimizing resources and focusing on regions where it holds a stronger market share and revenue contribution. The company’s audited financial results for 2023 underscored the challenges faced in some markets, citing factors such as inflation, currency devaluation, and foreign exchange shortages.
MTN’s potential exit from Guinea-Bissau reflects its strategic evaluation of market conditions and the need to prioritize sustainable growth opportunities in key markets across the African continent.
