MTN, the largest telecom company in South Africa, has agreed to invest $1 billion in Ghana over the next five years.
MTN CEO Ralph Mupita stated that the company was committed to investing in the West African country following a $773 million tax exemption.
He stated that they planned to spend money expanding their 5G network in Ghana in order to promote further sectoral growth.
Following a number of audits, the Ghana Revenue Authority initially asserted that MTN had understated its revenue by about 30% between 2014 and 2018.
It was once praised as a regional growth model, but today, due to the negative effects of the Covid-19 pandemic and the Ukraine crisis, it is experiencing its worst economic crisis in decades.
With over 50% inflation and a sharp decline in the value of its cedi, the West African nation is in an economic crisis.
According to data released earlier on Wednesday, its consumer inflation slightly decreased in January from a more than two-decade high of 54.1%.