Antoinette Kwofie is the first-ever female Chief Finance Officer (CFO) of MTN Ghana, a leading telecoms company with over 29 million subscribers. She is a Chartered Global Management Accountant (CGMA) and a member of the Chartered Institute of Management Accountants (CIMA), UK. Prior to joining MTN, she served as the CFO of Absa Bank Ghana.
In an exclusive interview with Just4WomenAfrica, Antoinette opened up about her journey from banking into the telecom sector, and how she overcame doubts to reach the top of her profession.
Antoinette’s journey into finance began during her school days at Achimota School, where she studied science. She later pursued a degree in Agricultural Economics at the University of Ghana. Despite her academic background, her passion for finance led her to join Ernst & Young Ghana as a consultant in the Corporate Finance department.
Determined to sharpen her skills, she moved to the UK to become a Chartered Global Management Accountant (CGMA). While in the UK, she also worked with the National Health Service (NHS). In 2007, she returned to Ghana and joined Barclays Bank (now Absa Bank) as a Finance Business Partner. Over the years, she rose through the ranks to become Head of Business Performance and Analytics, then Head of Financial Control, and eventually CFO a role she held for eight years before joining MTN Ghana.
Becoming Absa Ghana’s CFO: A Defining Moment
When asked how she became CFO at Absa, Antoinette recalled a story she’ll never forget. Her boss, who had been appointed Acting CEO, asked her to step in as Acting CFO. Later, the boss asked if she’d consider taking the role permanently.
“At the time, I said no. I had been married for 4 to 5 years and had one son. I wanted another child and felt the CFO role would be too demanding,” she shared. Antoinette also doubted her ability to take on such a high-stakes role.
But she remembered her mother’s words: “Throw your heart in and give it a try. If you don’t try, you lose everything. Sometimes you lose, sometimes you learn.”
At 2 a.m., she sent her boss a message saying she had changed her mind and was willing to throw her hat in the ring. At 6 a.m., her boss called and said, “This is the Antoinette I know.” She eventually competed for the role and was selected as CFO.
Inspiring the Next Generation
As one of the few women in senior financial leadership, Antoinette is passionate about making an impact. She pointed out that only 16% of leadership positions are held by women and believes this must change.
“I believe my role is not just to aspire, but also to equip and empower others. It’s about creating opportunities for other women,” she said. “I once read that when you get a seat at the table, you bring another seat for a woman.”
She actively mentors and supports women through MTN Ghana’s Yellow Ladies Network and Elevate, a project in Northern Ghana that aims to empower girls.
The Future of Telecom and Fintech in Africa
When asked about the future of the telecom and fintech sectors in Africa, Antoinette said the industry is poised for innovative disruption.
“We’re already hearing a lot about AI. In the next few years, we’ll see more AI tools and the expansion of 5G networks,” she noted.
Will Mobile Money Replace Traditional Banks?
Antoinette doesn’t believe mobile money will replace traditional banks. Instead, she sees it as a tool for financial inclusion.
“When I started banking, over 70% of the population in Ghana was unbanked. There are still many people in rural areas who may never open a traditional bank account, but mobile money gives them access to financial services and tools.”
What Would She Have Been If Not a CFO?
When asked what career she would have pursued if not finance, Antoinette smiled and said, “A pediatrician—I love kids.”
Her Legacy
Antoinette hopes to leave behind more than just financial achievements.
“I want to leave behind an organization that reaps the benefits of the right investments—in people, systems, and infrastructure. One that is sustainable, drives economic growth, and supports the country’s broader objectives.”
