Public debate surrounding Ghana’s lottery industry intensified on October 29, 2026, following questions about apparent discrepancies between investigative reports published by a local media outlet and figures relating to revenue generated by the National Lottery Authority (NLA) and its third-party collaborator, KGL Technology Limited.
Questions have emerged over why a media outlet reported in September 2025 that the NLA had given away a prime business valued at GH¢3 billion to KGL in exchange for an annual payment of GH¢170 million, only to report in October 2026 that the NLA stood to benefit approximately GH¢2 billion from all licensed Private Lotto Operators (PLOs) combined, including KGL.
The contrasting figures have prompted questions from industry watchers, legal experts and civil society groups about the basis of the GH¢3 billion valuation cited in the 2025 report.
Historical data from the NLA indicate that the entire state lottery sector did not generate GH¢3 billion in annual revenue during the period under review.
Between 2013 and 2020, the NLA generated approximately GH¢2.76 billion in total revenue over eight years, while payments made directly into the Consolidated Fund over the same period amounted to GH¢182 million.
Reacting to the narrative in late 2025, Executive Director of the Chamber of Indigenous Business & Investors (CIBI), Mr Alistair Nelson, questioned the basis of the GH¢3 billion valuation.
“It is extremely misleading and factually inaccurate for anyone to claim the NLA handed over a GH¢3 billion business to KGL. The NLA’s entire historical revenue over eight years combined didn’t even reach 3 billion Cedis. To suggest KGL received a single-year business of that volume for ‘peanuts’ was a complete fabrication that ignored prize payouts, operational costs, and actual historical yields,” he said.
Updated reports in October 2026 indicate that projections for the entire lottery sector, comprising all 29 registered private lotto operators and collaborators such as KGL, Game Park, Zeta Technologies and Alpha Lotto, amount to approximately GH¢2 billion.
Financial records for the preceding fiscal year indicate that KGL Technology Limited alone contributed more than GH¢173 million to the NLA, while the other 29 private operators collectively contributed approximately GH¢44.9 million.
Industry analyst and financial commentator Kwaku Mensah questioned the difference between the figures cited in the two reports.
“If today the realistic projection for the entire industry, including KGL and nearly thirty other operators, is placed around 2 billion Ghana Cedis, then where on earth did a media outlet extract the 3 billion Cedi figure for KGL alone back in 2025? The numbers simply do not add up. It points to either a fundamental misunderstanding of gross turnover versus net revenue or deliberate sensationalism,” he said.
A senior executive familiar with the NLA’s regulatory operations, who spoke on condition of anonymity, also highlighted the distinction between gross lottery sales and net revenue.
“Gross wagers are not net profit. When people play the lottery, up to 50% or more goes straight into paying winning tickets and prizes. Another chunk covers taxes, technical infrastructure, USSD session fees, and vendor commissions. Conflating total gross ticket sales with net state revenue shows a lack of financial literacy. KGL’s payment of over 170 million annually to the state represented a far higher yield than what the state achieved when it managed the operations alone,” the executive said.
The contrasting figures have also prompted calls for greater scrutiny of financial claims in media investigations, particularly those involving public-private partnerships.
Stakeholders have urged media organisations to ensure that financial figures are properly contextualised and supported by verifiable records before publication.
A civil society representative in Accra also questioned the basis of the earlier valuation, arguing that the use of figures without accounting for operational costs could mislead the public and affect perceptions of business arrangements involving state institutions.
“When a media outlet presents sensational figures like GHS 3 billion without factoring in operational realities, it misleads the public and damages legitimate business agreements. Today’s narrative completely undermines yesterday’s claims,” the representative said.
