Financial economist and academic Dr Razak Kojo Opoku has questioned the basis of a 2025 report by The Fourth Estate that the National Lottery Authority (NLA) had handed over a prime business opportunity valued at GH¢3 billion to KGL Technology Limited in exchange for GH¢170 million.
Dr Opoku, a former Public Relations Manager of the NLA, argues that the valuation raises questions following a subsequent report by The Fourth Estate on October 29, 2026, which indicated that Ghana could generate GH¢2 billion from all private lotto operators combined, including KGL.
He has challenged the rationale behind the two figures, asking how the earlier GH¢3 billion valuation was established if the projected revenue from the entire private lotto sector is now estimated at GH¢2 billion.
In a commentary on the issue, Dr Opoku criticised what he considers an apparent inconsistency in the figures used in the public debate over the NLA–KGL arrangement.
His comments have renewed scrutiny of the financial implications of the arrangement and the basis for assessing the value of private participation in Ghana’s lottery industry.
According to Dr Opoku, the controversy dates back to September 2025, when The Fourth Estate reportedly claimed that the NLA had given away a prime business opportunity worth GH¢3 billion to KGL in exchange for GH¢170 million.
He argues that the report presented the arrangement as a case in which the state had surrendered a business interest worth billions of cedis for a comparatively smaller amount.
However, Dr Opoku said The Fourth Estate’s October 29, 2026 report, which indicated that Ghana could generate GH¢2 billion from all private lotto operators combined, including KGL, raises questions about the basis of the earlier valuation.
He challenged the media organisation to explain the apparent difference between the two figures.
“If NLA is now dreaming of making 2 billion, where was the 3 billion figure coming from?” he asked.
Dr Opoku also used the phrase “FALSE ESTATE” to criticise The Fourth Estate over what he considers an inconsistency in its reporting.
At the centre of Dr Opoku’s argument is the need to establish how the GH¢3 billion figure was calculated and what it represented.
He contends that the public deserves clarity on whether the amount referred to the projected revenue of the business, its estimated market value, the potential earnings over a specified period or another financial measure.
The distinction is significant because a business’s estimated value is not necessarily equivalent to its annual revenue or the amount it contributes to government revenue.
Similarly, a projection of GH¢2 billion from all private lotto operators cannot automatically be compared with the valuation of a particular business arrangement without examining the assumptions behind both figures.
Factors such as the period covered, the revenue streams involved, operational costs and the contractual obligations of the parties would be relevant to determining whether the two amounts are directly comparable.
Dr Opoku’s criticism therefore centres on what he sees as the need for a clear explanation of the figures used to assess the financial implications of the NLA–KGL arrangement.
The controversy also raises broader questions about transparency and accountability in the management of lottery operations and the state’s engagement with private operators.
Given the financial interests involved, establishing the basis of the reported valuations and revenue projections would help the public assess the arrangement more accurately.
A comprehensive assessment would require the relevant contractual terms, the methodology used to arrive at the GH¢3 billion valuation and the assumptions underpinning the GH¢2 billion revenue projection.
It would also be necessary to establish whether the two figures relate to the same revenue streams, periods and financial interests.
While Dr Opoku maintains that the figures raise questions about the consistency of The Fourth Estate’s reporting, the two amounts alone do not establish that the earlier valuation was inaccurate, as they may measure different financial concepts.
Nevertheless, he insists that the apparent discrepancy warrants an explanation, challenging The Fourth Estate to clarify the basis on which it previously valued the business opportunity allegedly handed over to KGL at GH¢3 billion.
By 1960news.com
