MTN, the South African telecommunications company, has agreed to invest $1 billion in Ghana over the next five years.
MTN Chief Executive Officer Ralph Mupita stated that the company was committed to investing in the West African country following a $773 million tax exemption.
He stated that they intend to invest in expanding their 5G network in Ghana in order to spur further growth in a variety of sectors.
Following a series of audits, the Ghana Revenue Authority initially claimed that MTN had understated its revenue by approximately 30% between 2014 and 2018.
It was once hailed as a regional growth model, but it is now experiencing its worst economic crisis in decades, exacerbated by the Covid-19 pandemic and the Ukraine crisis.
The West African country is in the grip of an economic crisis, with inflation exceeding 50% and the cedi currency falling precipitously.
Consumer inflation in the country slowed slightly in January to 53.6% year on year, down from a more than two-decade high of 54.1% the previous month, according to data released earlier on Wednesday.