MTN has informed shareholders that Ghana has backed down on a GHS8.2 billion (R11.7 billion, N312 billion) back-taxes claim, including interest and penalties.

Ghana temporarily withdrew the tax assessment to provide a 21-day timeline to allow for “further engagements” with MTN.

“Shareholders are advised that following extensive and productive discussions held during this 21-day period between MTN Ghana, MTN, and relevant authorities in Ghana, the [Ghana Revenue Authority] has on 3 February 2023 fully withdrawn the assessment,” MTN said in a statement on Friday.

“MTN would like to further assure Shareholders and other stakeholders of MTN Ghana’s commitment to the highest standards of tax compliance and responsible corporate citizenship,” the company said.

“MTN and MTN Ghana would like to thank all stakeholders involved for the support and collaboration to arrive at this amicable and mutually satisfactory full withdrawal of the assessment.”

South Africa Issued Warnings

The announcement comes after South Africa’s foreign affairs ministry weighed in on the dispute with a warning to the Ghanian authorities.

Naledi Pandor, the Minister of International Relations and Cooperation, said it was extremely concerning that South African companies were being targeted by governments like Ghana’s with exorbitant tax claims.

The Department of International Relations and Cooperation (Dirco) highlighted that South Africa is one of Ghana’s most significant investors, with interests in several industries, including mining, communication, retail, and franchising.

“According to the Ghana Investment Promotion Centre, there are over 100 South African companies registered and operating in Ghana, employing over 19,087 Ghanaians and 510 expatriates,” it said.

Dirco also said that South African companies have taken on more than 170 projects in the country — valued at over $1,431,523,166 (R25 billion) in capital investment.

It expressed concern that competitors of South African companies from other parts of the world do not appear to be subjected to the same “challenges”.

South Africa’s foreign affairs department then warned that such “unfavourable conditions” in other African countries have led to South African companies disinvesting from them, often with devastating consequences for the nation in question.

The potential fine represented about 5% of MTN’s market capitalisation, and the government’s decision “removes a threat to this year’s shareholder returns,” Bloomberg Intelligence analyst John Davies said in a note.

Ghana is Cash-Strapped

Ghana’s cash-strapped government has been demanding some of the nation’s largest companies to pay millions of dollars of back taxes. Gold Fields Ltd., Kosmos Energy Ltd. and Tullow Oil Plc have received similar bills. All of the companies dispute the government’s claims.

Ghana lost access to international capital markets because of its ballooning debt and loan-service costs. The government has been forced to allocate most of its revenue to service an estimated 576 billion cedis of public debt.

It is restructuring most of its obligations amid a slump in the cedi, and is seeking a $3 billion loan from the IMF.

Smile. South Africa dey form USA of Africa

Show me the threat there.

Phenomena1:
Show me the threat there.

Shoprite, Game, MrP and Vodacom have already left places like Nigeria for similar reasons.

WannaHowzit:


Shoprite, Game, MrP and Vodacom have already left places like Nigeria for similar reasons.

"DEVASTATING CONSEQUENCES"

What are the consequences on the nation in question?

princeade86:
Smile. South Africa dey form USA of Africa

SA is already the USA of Africa. Who else has more huge influential companies across the continent? MTN, Vodacom, Shoprite, Multichoice, etc are unrivalled by a mile and a half.

WannaHowzit:


SA is already the USA of Africa. Who else has more huge influential companies across the continent? MTN, Vodacom, Shoprite, Multichoice, etc are unrivalled by a mile and a half.

try to visit Morocco or Egypt sir.

princeade86:
try to visit Morocco or Egypt sir.

Ok I'll do. But I don't have to visit SA to find SA malls and its modern influences all over Africa.

Which Moroccan or Egyptian company is on everyone's minds across West Africa?

WannaHowzit:


You're back to shopping in poop filled open-air markets instead of air-conditioned malls with escalators like everyone else in the modern Africa the AU envisions.

Now, that we are back shopping in poop filled open-air markets what exactly has happened to us?

Am still looking for the devastating consequences. because, the so called devasting consequence you gave above can't hold water.

Phenomena1:
Now, that we are back shopping in poop filled open-air markets what exactly has happened to us?

Am still looking for the devastating consequences. because, the so called devasting consequence you gave above can't hold water.

Will you ever win a world cup hosting bid while doing your groceries in open-air markets that lay next to agbero poop-filled gutters? ☹️☹️☹️

You'll forever remain complaining that SA hosts everything.

That's what's devastating when SA leaves your countries.

WannaHowzit:


Will you ever win a world cup hosting bid while doing your groceries in open-air markets that lay next to agbero poop-filled gutters? ☹️☹️☹️

You'll forever remain complaining that SA hosts everything.

That's what's devastating when SA leaves your countries.

see this slave in his own land claiming the glory of his white masters.

MENTION ONE OF THESE CONGLOMERATES OWNED BY A BLACK SOUTH AFRICAN.

i dont mean a figure head SA black. I mean any of the conglomerate owned lock, stock and barrel by an SA chimp looking black.

obiekunie01:


see this slave in his own land claiming the glory of his white masters.

MENTION ONE OF THESE CONGLOMERATES OWNED BY A BLACK SOUTH AFRICAN.

i dont mean a figure head SA black. I mean any of the conglomerate owned lock, stock and barrel by an SA chimp looking black.

So predictable, everytime I put on the heat 🔥🔥🔥they run to the white argument.

So listenKunta Kinte that sold your own people into slavery and are today drowning in the Mediterranean voluntarily - let me show you how our black chimp government has ensured we don't poop by the side of the road or japa in our millions ⬇️⬇️⬇️

Let me know how Nigeria compared after 60 years of independence and massive oil wealth.

That is exactly what Ghanaians have been doing to Nigerian businesses.

They are wired that way.

WannaHowzit:


So predictable, everytime I put on the heat 🔥🔥🔥they run to the white argument.

So listenKunta Kinte that sold your own people into slavery and are today drowning in the Mediterranean voluntarily - let me show you how our black chimp government has ensured we don't poop by the side of the road or japa in our millions ⬇️⬇️⬇️

Let me know how Nigeria compared after 60 years of independence and massive oil wealth.

South African blacks are massive underachievers.
Can't be compared to their counterparts in Nigeria or many African countries for that matter.

With all your economic indices, they all easily tend to xenophobia.

Signs of an underdeveloped People.

CSTRR:

South African blacks are massive underachievers.
Can't be compared to their counterparts in Nigeria or many African countries for that matter.

With all your economic indices, they all easily tend to xenophobia.

Signs of an underdeveloped People.

🥊🥊🥊😂😂😂 I see the facts knocked you out!

CSTRR:
That is exactly what Ghanaians have been doing to Nigerian businesses.

They are wired that way.

Are you bipolar or what? We're on the same side on this one 👊🏾😂 Against Ghana.

WannaHowzit:

Are you bipolar or what? We're on the same side on this one 👊🏾😂 Against Ghana.

For the first time I noticed you and your personality and country here I knew you were a twisted character.

Let me tell you about your so called investments in Nigeria....

I have deliberately never entered your ShopRite to buy or do any transactions. The only time I went in it was to register my MTN sim. Now let me tell you about the MTN line....

Some years ago after discovering how demented your country people are I made it a priority to do away with your products. Hallelujah, now I go days without even turning on my MTN line, which used to be my most used line.

I never really liked your country or it's people, they all sound, dress and act funny to me.

Now don't get me wrong, I don't hate you people. You see, your hateful and ever ready attitude of attacking other Africans has made me phase you out, soon more people will follow suit.

I used to grow up with my grandparents telling us about the oppression in your country by the whites against you people. We used to watch your movies and listen to your musics a lot in the house.

Thank you for exposing your true selves and thanks to you for confirming it first hand here.

EDITED!

LocalStandard1:

For the first time I noticed you and your personality and country here I knew you were a twisted character.

Let me tell you about your so called investments in Nigeria....

I have deliberately never entered your ShopRite to buy or do any transactions. The only time I went in it was to register my MTN sim. Now let me tell you about the MTN line....

Some years ago after discovering how demented your country people are I made it a priority to do away with your products. Hallelujah, now I go days without even turning on my MTN line, which used to be my most used line.

I never really liked your country or it's people, they all sound, dress and act funny to me.

Now don't get me wrong, I don't hate you people. You see, your hateful and ever ready attitude of attacking other Africans has made me phase you out, soon more people will follow suit.

I used to grow up with my grandparents telling us about the oppression in your country by the whites against you people. We used to watch your movies and listen to your musics a lot in the house.

Thank you for exposing your true selves and thanks to you for confirming it first hand here.

Your white masters will rise again someday!

Thank you for your beautiful letter and well wishes, and nostalgia about your dead grandpa who didn't live to see how your Japagerian brothers have dominated the drug and scamming business in SA. We shall remain silent and loving so you don't hate us further.

Kind regards, bye.

WannaHowzit:

Thank you for your beautiful letter and well wishes, and nostalgia about your dead grandpa who didn't live to see how your Japagerian brothers have dominated the drug and scamming business in SA. We shall remain silent and loving so you don't hate us further.
Kind regards, bye.

Thanks bro!

EDITED!

Cyber bullying is wrong!

WannaHowzit I insulted and bullied you on the forum and sorry for that. As a Christian I realize I should never be abusive to anyone, anywhere. Sorry for retaliating with even more attacks.

LocalStandard1:


Thanks bro! I would have love to visit your white-built country someday but you know your people, lol, don't want to get infected by a new strain of STD or turn to meat for your poor, lazy, jobless, ignorant, mentally deranged half developed country people.

But who knows, someday I might. Bye!

Our white built country keeps developing further under the black government, that's why its attracting Japagerians in their millions. But I wouldn't expect you to understand what development is or means since you've had none since 1960.

With Love,

Black South African, men who know how to build a road and electricity.

Shalom

Dey couldn't warn Nigeria when we fined mtn some years ago

WannaHowzit:

Our white built country keeps developing further under the black government, that's why its attracting Japagerians in their millions. But I wouldn't expect you to understand what development is or means since you've had none since 1960.
With Love,
Black South African, the one who knows how to build a road and power.
Shalom

Shalom my brother. Sleep on that!

Lovebugs:
Dey couldn't warn Nigeria when we fined mtn some years ago

Nigeria no be their baba mate. Their President came right on our doorstep to beg for mercy. If we pull out they loose cos another product will just take their place. Look at how plazas and malls are springing up since ShopRite left.

That why we need the right President, so that we can go back to our glory days.

Double the amount Ghanaians or they should go back to their country with their companies...


They can also be on the receiving end of their favorite xenophobic dish

LocalStandard1:

Nigeria no be their baba mate. Their short bearly developed President, now a convict, came right on our doorstep to beg for mercy. If we pull out they loose cos another product will just take their place. Look at how plazas and malls are springing up since ShopRite left.

That why we need the right President, so that we can go back to our glory days.

Japagerian hallucinations 🙆🏾‍♂️🙆🏾‍♂️🙆🏾‍♂️🙆🏾‍♂️

So why are you scattering 😂😂😂😂

Lovebugs:
Dey couldn't warn Nigeria when we fined mtn some years ago

Are you sure? Days after this happened ⬇️⬇️⬇️

What did you do about it? 😂😂😂😂😂😂😂

Vyzz:



Double the amount Ghanaians or they should go back to their country with their companies...

They can also be on the receiving end of their favorite xenophobic hate

Do you have a world-class Nigerian substitute for Multichoice to offer Ghana?😂😂😂😂😂

I can't stop laughing today, so many hungry japaring Nigerians who have been brainwashed that they're the giant of Africa.

(Insert crying emoji here!) 😂😂😂