Mobile operator MTN Group has revealed it will invest $1 billion in Ghana over the next five years, after the government exempted its unit from tax claims worth about $773 million.

The investment comes on the heels of the Ghana Revenue Authority exempting the company’s bill for back taxes earlier this month after the incident sparked a diplomatic reaction by the South African foreign minister.

The tax claim was initially issued after the revenue authority audited the company for the years 2014 to 2018 and inferred that it under declared its revenue by about 30 percent during the period.

MTN Chief Executive Officer Ralph Mupita said the company was committed to investing in Ghana despite short-term headwinds.

MTN intends to invest the amount in 5G technology which it believes would spur faster growth across sectors, he said speaking from the MTN Headquarters in Johannesburg.

“We see 5G as a technology that could spur 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.”

MTN 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 are able to remain connected across the country through roaming agreements with MTN where they do not have the infrastructure in place.