West Africa’s Corporate Leaders: How Nigeria and Ghana’s Top Firms Performed in H1 2025

The first half of 2025 marked a pivotal chapter in West Africa’s economic narrative, as Ghana and Nigeria—two of the region’s most influential economies—embarked on contrasting paths to recovery. Against this backdrop, this report examines the financial and operational performance of four key multinational corporations operating in both markets: MTN, MultiChoice (DStv), Ecobank Transnational Incorporated, and Nestlé.

By assessing their half-year results within the context of differing macroeconomic realities, the report reveals how currency dynamics, inflation trends, fiscal policies, and consumer resilience shaped business performance, strategic direction, and investor sentiment in each country.

Ghana, emerging from an IMF-supported reform program and external debt restructuring, experienced a confidence-led economic revival. The cedi appreciated markedly, inflation dropped into manageable territory, and consumer demand rebounded steadily. Nigeria, on the other hand, achieved relative currency stabilization after two volatile years, but continued to grapple with elevated inflation, weak consumer spending, and a high-interest rate environment. These divergent macroeconomic realities defined the competitive and regulatory landscapes in which multinationals had to operate.

1. Macroeconomic Context: Two Routes to Stability

Ghana’s resurgence was driven by strict fiscal management and a proactive policy approach. Key macro indicators improved across the board: inflation declined significantly, the local currency strengthened, and the removal of certain taxes—like the controversial mobile money levy—boosted digital financial activity and consumer sentiment. This pro-business environment provided fertile ground for corporate expansion and profitability.

In contrast, Nigeria’s recovery was more cautious. While the central bank successfully stabilized the naira after injecting over $4 billion into the forex market, the economy remained hamstrung by high interest rates and persistent inflation. Household purchasing power remained suppressed, and demand patterns shifted dramatically toward lower-cost alternatives. Businesses had to navigate shrinking consumer wallets and rising operational costs.

2. Multinational Performance Snapshots

MTN experienced two different realities. In Nigeria, the telecom giant recorded a remarkable rebound, largely due to a reduction in forex-related losses and a surge in data revenue. Its profitability soared despite a still-fragile consumer market. In Ghana, MTN continued to deliver margin-rich growth, benefiting from a strong economy and operational efficiency. For the first time, MTN Ghana’s dollar-denominated profits exceeded those of its Nigerian counterpart—a symbolic moment underscoring the power of economic stability and cost discipline.

MultiChoice (DStv), however, faced turbulence in both countries. In Nigeria, affordability challenges and multiple price hikes led to a steep subscriber loss. Meanwhile, in Ghana, the company came under regulatory fire for maintaining significantly higher subscription prices than in Nigeria, triggering a government demand for price reductions. These issues highlighted a deeper structural flaw in MultiChoice’s pricing model, which appeared increasingly out of sync with changing economic and political realities.

Ecobank, a truly pan-African bank, thrived amid tight monetary conditions. High interest rates in Nigeria and Ghana boosted its net interest margins, leading to a strong increase in profit before tax. However, the sharp rise in loan impairments hinted at mounting pressure on borrowers—a reminder that profitability in banking under high rates comes with its own risks.

Nestlé demonstrated resilience in both markets but for different reasons. In Nigeria, reduced forex exposure drove a dramatic turnaround from losses to profit, showcasing how macro stabilization alone can reverse fortunes. In Ghana, Nestlé’s growth was more organic, fueled by real increases in consumer spending and volume growth—underscoring the impact of an improving middle class and strong brand loyalty.

3. Strategic Themes and Forward Outlook

Across all sectors, the dominant takeaway is clear: macroeconomic conditions remain the most powerful driver of corporate performance. While strong operational execution matters, companies are still at the mercy of currency shifts, inflation trends, and regulatory pivots. As Ghana moves deeper into recovery and Nigeria seeks to build on its fragile gains, multinationals will need to remain agile, locally responsive, and policy-aware.

This report concludes that strategic resilience in West Africa requires more than scale—it demands adaptability, efficiency, and a sharp eye on macroeconomic winds.