Ghana’s largest telco operator MTN is set to sign a 510 million cedis ($112 million) syndicated loan facility with nine banks.
The deal, arranged by Ecobank, will be officially signed today 7 December, 2017 with all the nine banks, including Barclays, Zenith Bank, Standard Chartered Bank, and other Ghanaian-based lenders.
The medium-term facility, which will be used to finance network expansion and other capital investments, is understood to be have been oversubscribed by 590 million cedis.
In 2012, the South African owned company raised $300 million from a similar loan to finance network expansion, but this was repaid by the end of May this year.
MTN is currently the leading mobile network operator in the cocoa-rich country, with 17.8 million voice subscribers at the end of September this year.
The rest of the Ghanaian market is served by AirtelTigo, the second largest operator with around 10 million subscribers, followed Vodafone with about 9 million, and Nigeria’s Globacom, with 781,022 subscribers.