Ralph Mupita, the Group CEO of prominent telecoms giant MTN, has stated the company’s goal of further localizing the company by having Ghanaians own at least 30% of MTN shares in the country by the end of the year.
In August 2018, the telecom company completed its Initial Public Offering (IPO), selling over 1.5 million shares and raising GH 1.146 billion.
Though the IPO fell short of its expected GH3.5 billion aim, the GH1.146 billion it raised is notable because it is the greatest volume of offers in the Ghana stock exchange’s history.
In an interview with a section of the Ghanaian media, Mr. Mupita discussed the future of MTN Ghana, emphasizing the importance of Ghanaians participating in MTN’s economic success.
“So 30% local ownership is the target we have committed to, and I’m very pleased to say we’ve made progress as we are currently at 23.7%. The reason we want Ghanaians to own the shares is that we want more Ghanaians to enjoy and participate in the economic success of MTN. So that program of further localization is still intact. We are targeting to get to the 30% localization by the end of the year.”