How to Invest in the MTN Ghana IPO

In case you haven’t heard, MTN Ghana has just launched the biggest IPO in the history of the Ghana Stock Exchange. Here’s how to get in on it.

In case you haven’t heard, MTN Ghana has just launched the biggest IPO in the history of the Ghana Stock Exchange, offering investors GHS3.5 billion (roughly $740 million) worth of shares.

The stock looks like a pretty good deal to me.

At an offer price of GHS0.75 per share, IPO investors will purchase the stock at a P/E ratio of 13.9. That seems a reasonable price for a company that has captured a 46% share of the market and has grown earnings at an annualized rate of 18.6% since the end of 2013.

MTN Ghana has churned out gobs of cash in each of the past five years and totes a minimal debt load. Moreover, management expects earnings to grow at a 13.5% clip over the next three years and plans to pay 60% of net profit back to shareholders in the form of an annual dividend.

Sound enticing? If so, here are a few key details to keep in mind when deciding whether to buy a piece of the company.

A Quick Intro to the MTN Ghana IPO

Must you be a Ghanaian citizen to participate in the IPO?

No. Both Ghanaian and non-Ghanaian investors can apply for shares (except for residents of the United States, Canada, Australia, and Japan).

Note, foreign investors will only be allocated a maximum of 5% of the company’s total shares, and, in the event that investors apply for more shares than the total on offer, Ghanaian applicants will get priority over their foreign counterparts.

What is the minimum amount required to purchase the IPO shares?

Applicants must apply for a minimum of ten shares. So, at a price of GHS0.75 per share, the minimum amount required is GHS7.50 (roughly $1.60). If you’d like to apply for more shares than that, you must do so in multiples of ten.

How do you apply for shares?

You can apply for shares in one of the following three ways:

  1. by filling out a physical application form at the office of a licensed Ghanaian stockbroker,
  2. via the MTN Mobile Money platform, or
  3. at the IPO website.

Note, if you decide to fill out a physical application at your broker’s office, be sure to bring along identification documentation (driver license, passport, etc.), your bank details, and payment for the number of shares that you’d like to purchase.

How do you apply for shares through the MTN Mobile Money platform?

If you are an MTN Mobile Money subscriber:

  1. Dial *170#
  2. Select “MTN GH Share Offer” from the menu.
  3. Follow the prompts.

Note, the amount due for the shares will be deducted from your mobile wallet.

How do you apply for MTN Ghana shares via the IPO website?

  1. Visit:
  2. Read and agree to the “Terms and Conditions.”
  3. Click “Buy” and select “First Time” from the drop down menu.
  4. Follow the prompts and fill in the requested data on the following pages.

Note, when applying for shares via the IPO website, you must pay by MTN Mobile Money, at a local bank branch, or with a debit card.

When is the IPO application deadline?

The offer closes on 31 July 2018.

When will the shares list on the Ghana Stock Exchange and be available to trade?

The shares will be listed on 5 September 2018.

When will you get your refund if you’re not allocated all the shares that you applied for?

No later than 6 September 2018.

Where can you find a copy of the IPO prospectus?

MTN Ghana IPO Prospectus

Your Turn

What other questions do you have about the MTN Ghana IPO? Let’s hear them in the comments, and I’ll do my best to get answers for them.

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22 thoughts on “How to Invest in the MTN Ghana IPO”

  1. Seems like a great way to encourage retail involvement. Just for those who are not in the know, is mobile trading prevalent in Ghana too or just this IPO subscription works via a mobile app? If you apply via mobile where is the custody of your shares?

  2. Thanks Ryan for the information. I am still a novice in stocks investing. Purchasing this stock will be my first ever . Will it be advisable that I invest in this particular stock and how soon will dividends be paid?


    1. Hi Bishopkaro,

      If you are a Ghanaian resident, I think MTN Ghana is a great way to get your feet wet. But if you’re living outside Ghana, this process might be a bit of a hassle for a beginning investor. I’d suggest first opening a trading account on your local stock exchange and investing in some familiar companies before venturing into international markets.

      It’s not yet clear when MTN Ghana will pay its first dividend to new shareholders. If the company opts to pay a single annual dividend, the first one may not be paid until July/August 2019.

      Happy investing!

  3. Thanks Ryan for this informatiom. I am in Kenya and would like to participate in this IPO, how can I go about it?

    1. Hi Wycliffe,

      I suggest that you give the IPO website a try first. Here’s the link:

      Note, you will need to upload a copy of your passport. And you will need to use a debit card to pay for the shares.

      If you run into a roadblock on the website, your next best option would be to contact a local Ghanaian broker to set up a trading account. IC Securities ( should be able to help you out. This alternative isn’t as streamlined as the IPO website, but you should have ample time to get an account set up and apply for shares.

      Note, before purchasing shares, make sure to ask the broker for advice on how best to collect dividends as a resident of Kenya. It wouldn’t be much fun to receive a dividend cheque denominated in Ghana cedis.

      Best wishes and let me know how it goes!

  4. Thanks Ryan! I am very much interested in buying the shares and I could love if you can have a pleasure of taking me through it.

    1. That’s great, Kelvin!

      Do you happen to be an MTN Mobile Money subscriber there in Zambia? I’m curious as to whether you can apply for shares the same way a Mobile Money subscriber in Ghana would. I suppose it’s unlikely, but definitely worth a shot.

      Otherwise, I’d suggest trying to apply at Note, to do this you will need to upload a digital copy of your passport, and you will need a debit card (or MTN Mobile Money account) to pay for the shares.

      Let me know if you have questions!

  5. Hi Ryan

    Thanks for sharing. I have a question: Under the bank/mobile money section in the IPO website, its asking where dividends should be paid to with the options of an MTN mobile money number or a Ghanian Bank Account. Any advice on getting either of these? I’m an MTN subscriber in South Africa but they shut down mobile money here and I don’t know how to get an account in Ghana.

    Thanks VM!

    1. Hi Anthony,

      In your situation, it may be easiest to open a local brokerage account in Ghana. Benedicta Ako at Chapel Hill Denham ( has been very helpful in answering my questions about how to go about this.

  6. Hi Ryan,

    Thanks for such an informative site we really appreciate it.I tried to register on the IPO website and I am not winning.I am based in South Africa and just wanted to know if you have a link for registered stock brokers based in S A.

    Many thanks

    1. Thanks, Susan.

      I’m hearing similar feedback from other South African residents. Unfortunately, I’m not aware of any South African brokers who give individual investors access to the Ghanaian Stock Exchange. But if you’d like to participate in the IPO, it is possible to open a Ghanaian brokerage account. Benedicta Ako at Chapel Hill Denham Ghana ( should be able to help you through the process.

      1. Hi Ryan thanks for the info u’ve been given us, it sounds easier reading through your article but my question is how much of dividends(in terms of percentage) will an investor get annually so one knows how much to invest.

  7. Hi Ryan,

    Please I’m curious as to why you are being asked what your investment knowledge is, when buying through mobile money.

    I’m from Ghana

    1. Hi Priscilla,

      Good question. When purchasing shares through mobile money, you are also opening a trading account with IC Securities. I’m assuming that IC Securities is asking you to answer this question as part of their account-opening process so that they might have a better idea how to serve your investment needs.

  8. Please Mr. Ryan,
    I am just new and very happy reading this post.
    I am from Nigeria and has no brokerage account.
    Do you think I can harness this opportunity?

  9. hi Ryan
    i have a quick question
    is it too late to apply for the shares as a ghanaian

    thank you
    kind regards
    Seth Mensah

    1. Hi Seth,

      The IPO is now closed, but you can buy shares of MTN Ghana at the Ghana Stock Exchange. As of today, they are available at a price of 68 cedis per share. To purchase them, you will need a trading account with a local stockbroker. Here’s an article that outlines the process of opening a Ghanaian share trading account:

      How to Invest on the Ghana Stock Exchange

      Hope this helps and happy investing!

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