Technology company, MTN Group has said that it would invest $1 billion Dollars into the Ghanaian economy.
MTN also said that the investment will span five years.
It also said that despite what it described as “little misunderstanding” with the Ghanaian government, it is still very committed to investing the money in Ghana.
This is coming right after the Ghanaian government accused the telecom company of bailing on its bill tax.
The disagreement had drawn the attention of national media and a diplomatic reaction from the South African foreign minister.
Ghana has previously accused MTN Group of under-declaring its revenue from 2014 to 2018.
It said the bail on the company’s bill tax amounted to $773m.
However, MTN has said that the disagreement had been settled and that the company is ready and committed to investing the funds into Ghanaian economy.
Disclosing this to newsmen, MTN Group’s chief executive officer, Ralph Mupita, said the company is focusing on medium and long term growths of the country.
According to him, “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 also added that the telecom operator intends to invest the amount mentioned in 5G technology development which it believes would enhance faster growth across all sectors in Ghana.
Investing in 5G network:
MTN said it is investing the said fund into the development of 5G network in the country.
The telecom company said investing in 5G will enhance faster growth across all sectors in Ghana.
Ghana’s economy has recently taken a hit with continued currency depreciation, assailing government and huge debt-service load.
Similarly, in Nigeria, MTN group is one and the first company to win the bid for 5G network.