MTN Ghana's ownership structure has seen notable changes in the past year, with its majority shareholder reducing its stake while several institutional investors increased their holdings. 

The latest shareholder information, revealed in Scancom PLC's 2024 financial statements, shows how investment patterns in Ghana's leading telecom operator are evolving. 

Changing face of MTN Ghana's ownership  

At the top remains Investcom Consortium Holdings S.A., though its dominance has decreased slightly. The majority shareholder now holds 72.04 per cent of shares (9,535,213,597 shares), down from 77.23 per cent in 2023. 

This 5.19 percentage point reduction achieved as part of MTN's Significant Market Power (SMP) classification marks one of the most significant shifts in MTN Ghana's ownership structure in recent years. 

Moving into second place is JPNG Firstrand Bank Ltd CIT-73863, with 2.26 per cent ownership (298,706,619 shares). This represents a slight decline from the 2.87 per cent held by its predecessor entity in 2023.  

Ghana's Social Security and National Insurance Trust (SSNIT) maintains its position as the third-largest shareholder, slightly increasing its stake to 1.54 per cent (203,825,694 shares) from 1.50 per cent the previous year.  

The Kimberlite Frontier Africa Master Fund holds steady in fourth position with 1.32 per cent (174,769,869 shares), showing minimal change from its 1.35 per cent holding in 2023.  

New entrants have shaken up the rankings, with BNYMSANVFFT RE ODD, O NLAFR making a notable debut at fifth position with 0.98 percent (130,098,080 shares). 

Several long-term institutional investors maintain their positions, including:
  
- AFCAP Ghana Ltd, A.G (0.93 per cent)  
- Daden Holdings Ltd (0.93 per cent)  
- Yeotech Company Ltd (0.93 per cent)  
- Scannison Investments Limited (0.93 per cent)  

Hunter Bofour Ltd slipped from fifth to tenth position despite maintaining nearly the same percentage holding (0.92 per cent).  

New players enter the scene  

The 2024 shareholder register introduces several new institutional investors: 

- PHJ, HSQPS, FRONT enters at thirteenth position with 0.76 per cent ownership  
- Jingbrak RE FEB AC The Africa Partners Fund takes fifteenth place with 0.65 per cent  
- Centrust Sankofa Master Trust Scheme appears at sixteenth with 0.52 per cent  
- CBN/HSOPS/Delta Capital Limited joins at nineteenth with 0.42 per cent  

These new entries replace former shareholders including Duet Africa Opportunities Fund, which dropped out of the top twenty.  

Small shareholders grow in number  

The top 20 shareholders of MTN Ghana

While institutional investors dominate the shareholding structure, small retail investors continue to show interest in MTN Ghana. The number of shareholders holding between 1-1,000 shares grew to 94,385 individuals, though their collective stake remains minimal at just 0.10% of total shares.  

The changes in MTN Ghana's shareholder structure come as the company reports strong financial performance, with revenue growing to GH¢17.9 billion in 2024.

As MTN Ghana CEO Stephen Blewett noted during the recent AGM, MTN Ghana remains focused on maintaining its leadership through infrastructure investment and service innovation, even as new competitors like Starlink enter the market. These ownership changes reflect the dynamic nature of Ghana's telecom sector and investor responses to both challenges and opportunities.

Here is the list of MTN Ghana's top 20 shareholders as at December 31, 2024, with their respective shareholdings:

1. Investcom Consortium Holdings S.A.  
   Shares: 9,535,213,597  
   Percentage: 72.04%

2. JPNG Firstrand Bank Ltd CIT-73863  
   Shares: 298,706,619  
   Percentage: 2.26%

3. Social Security and National Insurance Trust (SSNIT)  
   Shares: 203,825,694  
   Percentage: 1.54%

4. Kimberlite Frontier Africa Master Fund, LP RCNN  
   Shares: 174,769,869  
   Percentage: 1.32%

5. BNYMSANVFFT RE ODD, O NLAFR  
   Shares: 130,098,080  
   Percentage: 0.98%

6. AFCAP Ghana Ltd, A.G 
   Shares: 122,904,743  
   Percentage: 0.93%

7. Daden Holdings Ltd  
   Shares: 122,904,743  
   Percentage: 0.93%

8. Yeotech Company Ltd  
   Shares: 122,904,743  
   Percentage: 0.93%

9. Scannison Investments Limited Company  
   Shares: 122,904,743  
   Percentage: 0.93%

10. Hunter Bofour Ltd  
    Shares: 122,926,673  
    Percentage: 0.92%

11. BNYMSANVLUX RE Eastspring Investments SICAV IFS  
    Shares: 107,155,980  
    Percentage: 0.81%

12. Enterprise Tier 2 Occupational Pension Scheme  
    Shares: 104,057,396  
    Percentage: 0.79%

13. PHJ, HSQPS, FRONT  
    Shares: 100,006,424  
    Percentage: 0.76%

14. Northern Trust Co. AVFC 63148  
    Shares: 99,015,882  
    Percentage: 0.75%

15. Jingbrak RE FEB AC The Africa Partners Fund SPC SP1 FRG16 G58B6800447  
    Shares: 86,033,604  
    Percentage: 0.65%

16. Centrust Sankofa Master Trust Scheme
    Shares: 69,453,621  
    Percentage: 0.52%

17. JPNGE OLD RE Coronation FD MCERS IRE on behalf of the Africa Fund  
    Shares: 61,154,104  
    Percentage: 0.46%

18. Databank Financial Services, GES Occ Pension 
    Shares: 57,611,097  
    Percentage: 0.44%

19. CBN/HSOPS/Delta Capital Limited  
    Shares: 54,960,317  
    Percentage: 0.42%

20. STD NOINS/BYWN RE Vanderbilt University  
    Shares: 53,912,277  
    Percentage: 0.41%

Note: The total number of issued shares was 13,236,175,050 as of December 31, 2024.