MTN Group has announced it will invest about $1 billion (about R183bn) in Ghana over five years in 5G technology.
The investment comes after the Ghana Revenue Authority exempted the mobile operator's bill for back taxes earlier this month after the incident sparked a diplomatic reaction by South Africa’s foreign minister.
The tax claim was initially issued after the authority audited the mobile operator for 2014 to 2018, and said it had under-declared its revenue by about 30% during the period.
According to MTN Group president and chief executive Ralph Mupita: “We will invest an equivalent of $1 billion of capital expenditure over the next five years.
"We see 5G as a technology that could spur faster growth with industrial use cases in mining, agriculture, oil, ports, logistics and smart cities over time. There are short-term headwinds, but the investment case for Ghana remains very compelling," he said.
Mupita said MTN remained excited and highly committed to Ghana as a market.
"To be sure, macroeconomic conditions are very challenging in the near term. That said, we are focused on the medium and long term, and we are seeing growth."
Mupita said the crowding in of private long-term capital would support economic recovery efforts and spur growth in their view.
"We are here to play our part as a partner for socio-economic progress," he said.
In a statement, the group said it was reaffirming its commitment to Ghana, a market it has been invested in for over 25 years.
"Since beginning operations in the market, the business has been integral to the economy of Ghana, focusing on enabling connectivity, inclusivity and socio-economic transformation through digital technologies," it said.
MTN said it has a subscriber base of over 24 million and continues to drive significant growth numbers in data and mobile money.
"In order to promote a thriving telecommunications industry, customers of Vodafone and AirtelTigo can remain connected across the country through roaming agreements with MTN where they do not have the infrastructure in place," it said.
Meanwhile, the group said it recently opened a Customer Success Centre for MTN GlobalConnect’s pan-African operations, which were phase one of its greater investments in Ghana and an opportunity to onshore digital skills into the market.