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MTN’s third-largest operation has flagged a depreciation of the Ghanaian cedi, rising inflation and fuel prices, and increasing regulation as factors likely to weigh on its business in the second half of the year as the operator reported interim earnings growth of more than a third. 

“The Ghana macroeconomic environment continues to be characterised by uncertainty and volatility,” the company told investors this week. “This is the result of factors such as the depreciation of the [Ghanaian] cedi, rising inflation, fuel price increases and the impact of the Russia-Ukraine war on the global supply chain. We believe these factors will continue to impact the business in the near-term.”..

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