Africa: MTN Exits Multiple African Countries

MTN Group Limited, formerly known as M-Cell, is a South African multinational corporation and mobile telecommunications provider. It was founded in 1994 and is headquartered in Johannesburg. It is Africa’s largest mobile network operator and boasts over 289 million subscribers as of 2022.

According to reports, MTN has announced plans to exit Guinea-Bissau, Guinea, and Liberia, citing inflation, currency devaluation and financial difficulties, as it sells its equity stakes to Telecel, an Africa-focused telecommunications service, for an undisclosed amount. The report further mentions that the exit will allow MTN to focus on stronger markets like Ghana, Cameroon, and Nigeria in the West and Central African region.