BMI View: We hold our positive long-term view for the Ghanaian mobile market with a number of highprofileinvestments underway to boost competition, innovation and technological advances. The mobilemarket in Ghana ended Q317 with 37.22mn subscribers for a q-o-q growth of 2.2%, performing in line withour forecast. We expect that competition will heat up further in the 3G/4G segment as MTN invests in new4G and 3G base stations, while Vodafone is believed to be close to launching 4G and is reportedly seekinga partnership with Surfline. The demand for data will be fuelled by growth in usage of social networking,MTN Music, video and mobile financial services. The Tigo/Airtel merger was completed in October 2017.
This will allow the enlarged company to begin to capitalise on its shared resources and technologicalinnovation. Meanwhile, the fixed voice subscriptions seem to be declining at fast rate, indicating strongpreference for cheaper and more accessible mobile alternatives among most consumers and smallbusinesses.