MTN Ghana, owned by South African mobile telecoms group MTN, has secured a syndicated loan worth USD276 million to help finance its network expansion in the west African country. MTN Ghana managing director Michael Ikpoki told Reuters that 16 local banks, led by Stanbic Bank Ghana, will provide GHS410 million (USD216 million) of the total sum, while a further USD60 million is being raised via four foreign banks. Ikpoki said that the cedi (i.e. GHS) portion of the syndication was oversubscribed by 35%, while its dollar counterpart was oversubscribed by 90%. The funds will be used to upgrade MTN Ghana’s entire 2G network to be 3G capable ‘and above’, he added. The cellco is the number one carrier by subscribers in Ghana, with 10.394 million mobile subscribers at 31 March 2012, giving it a market share of around 49%.