The Ghanaian subsidiary of South African mobile telecom group MTN has raised a $276 million loan from 16 local banks led by Stanbic Bank Ghana to finance network expansions. The group will get the $60 million from 4 foreign banks.
MTN Ghana says this was a successful syndication as it proves that companies don’t always have to look to foreign investors for investments.
The funds would be used to upgrade the entire network to 3G and above.
MTN is the leading mobile network operator in Ghana with its subscriber base hitting 10 million in January.