Ghanaian executive Ebenezer Asante, vice president for West and Central Africa of MTN Group, Africa’s largest telecom services provider, saw his total compensation at the end of 2022 skyrocket by 69.10 percent, fueled by the exceptional financial performance of the telecom giant.
Asante’s compensation for 2022 reached a substantial R51.56 million ($2.73 million), a significant leap from the R30.50 million ($1.62 million) he received the previous year. This increase reflects the outstanding performance of MTN Group, which reported a profit after tax of R24.26 billion ($1.29 billion) in 2022.
His 2022 compensation package comprised a base salary of R11.31 million ($599,790) and a performance-based short-term incentive of R8.82 million ($467,817), both attributed to MTN Group’s exceptional financial performance.
He also received a long-term incentive award of R27.52 million ($1.46 million) from Africa’s largest telecom services provider, to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Asante, a seasoned Ghanaian executive who has served as the senior vice president for markets at MTN Group since 2020, oversees the company’s operations in three key regions. Prior to this, he held the position of vice president for SEAGHA and WECA.
Under Asante’s watch, his wealth of experience in general management and corporate leadership across diverse sectors, including FMCG, Fintech, and telecommunications, has added significant value to MTN Group.
In 2021, the group reported profits of R16.99 billion ($1.04 billion) and revenues of R181.65 billion ($9.6 billion); by the end of 2022, these figures had surged to an impressive R24.26 billion ($1.28 billion) in profits and R207 billion ($10.93 billion) in revenues, respectively.
Additionally, MTN Group’s total assets increased by 7.13 percent, rising from R365.8 billion ($19.31 billion) in 2021 to R391.88 billion ($20.69 billion) in 2022.