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Ashesi Canada — Annual Report 2025 (v18)
2025 — year in review

A foundation’s
work, made
visible.

A first cohort of students at Ashesi University received comprehensive scholarships supported through our Mastercard Foundation endowment partnership. A new complex, which will enable high-impact STEM education for students, also neared completion. The Canada Revenue Agency approved Ashesi University as a qualified donee. 2025 was a year defined by the arrival of long-prepared things, and in this report we share what this means for our work.

Our Commitment

These are the foundation’s strategic goals.

01 1,500 scholarships for university students
02 50% of all scholarships will be for women
03 1M students reached by education reforms
04 140 universities in Africa engaged through a partnership network
05 400 young entrepreneurs supported to start or grow businesses in Africa
06 12,000 people benefitting from healthcare innovation

2025 at a glance.

517,000
↑ network milestone

Students reached across the Education Collaborative’s network of African higher education institutions.

239
↑ students supported

Total number of students supported at Ashesi University in 2025, including 63 in the first cohort receiving comprehensive scholarship cover.

114
↑ ventures supported

Startups and ventures supported in partnership with the Center for Entrepreneurship at Ashesi University.

$18.4M
↑ deployed in 2025

Program funds disbursed across Education, Entrepreneurship, Scholarships, and Infrastructure.

Landmark — 2025

Ashesi University is now a Canadian qualified donee.

With Ashesi Canada’s support, Ashesi University’s application to the Canada Revenue Agency was approved with registration taking effect in February 2026. This makes Ashesi University the first African university outside South Africa to hold this status. Canadian donors can now make tax-receiptable gifts directly to the University.

African universities on the CRA list 1 of 6

Prior to Ashesi, the only African universities on the CRA’s registered list were Stellenbosch University, the University of Cape Town, the University of KwaZulu-Natal, the University of Pretoria, and the University of the Witwatersrand — all in South Africa.

In September 2025, the first cohort of students supported through our Mastercard Foundation endowment partnership joined the Ashesi community; 63 students from 17 countries, spanning 10 undergraduate degree programs. It was a moment years in the making, and a fitting illustration of what 2025 came to represent for Ashesi Canada: a year in which long-running commitments became visible, tangible, and operational.

The Education Collaborative — a network of African higher education institutions raising the bar together — expanded with a new Southern Africa hub formalized in 2025, and launched in January 2026 in Johannesburg.

We watched the STEM Complex at Ashesi University rise, reaching roughly 60% completion by year-end. Contractors broke ground on a new Center for Leadership. And, working alongside Ashesi University, we supported its successful application to the Canada Revenue Agency to become a qualified donee — the first African university outside South Africa to hold that status.

As traditional development funding contracts globally, our conviction has deepened: investing in strong African institutions, in the ideas they generate, and in the young people they shape, is among the most consequential work of this moment.

Our investment portfolio benefited from another exceptional year of stewardship, with a return of 13.5% — capacity that translates directly into more students supported, more institutions partnered reached, more ventures built, and more ground broken.

We are grateful to every partner, board member, and volunteer whose work and commitment made this year possible. The report that follows is an account of what your trust enabled in 2025 — and provides a glimpse of what we are building toward in 2026.

Meredith Lee Executive Director, Ashesi Foundation Canada
Ashesi Canada Board Retreat 2025 — team gathering
Board Retreat · 2025 Ashesi Foundation Canada

Four programs currently
driving our work.

Four program pillars carry the Ashesi Canada portfolio: a continent-wide network, a venture studio, a scholarship engine, and a capital build-out at Ashesi University.

A network that is
raising the bar.

517,000 Students reached
57 Member Institutions
712 Educators engaged
3 Active regional hubs

The Education Collaborative is a network of African higher education institutions committed to raising the standard of teaching, research, and student experience across the continent together. In 2025, the network grew in both reach and depth.

In 2025, the Collaborative formalized its Southern Africa hub, with Dr Naziema Jappie joining as the Hub’s director. The Hub held its first convening, hosted by Nelson Mandela University, in Johannesburg, South Africa; bringing together institutional leaders from across the region to align on shared priorities. The West Africa hub also saw growing strength among its francophone partners, including institutions in Togo and Côte d’Ivoire, bridging gaps in cross-language collaboration.

Cross-institutional coordination advanced through structured Learning Exchanges and mobility initiatives. This supported peer learning around employability systems, soft skills integration, and research culture; and surfaced exemplar practices for broader dissemination across the network.

Video · Watch
Highlight · Southern Africa Hub Launch

89 leaders. 13 countries. One regional hub.

The inaugural Southern Africa Hub Convening, hosted by Nelson Mandela University in Johannesburg, brought together higher education leaders from 35 institutions across the region under the theme “Strengthening Student Development in Higher Education in Southern Africa: Centering Purpose, Belonging, and Impact.”

“Universities often default to competition. If we want real societal impact, we have to act collectively. The Southern Africa Hub gives us a platform to do exactly that.”

Prof. Deresh Ramjugernath · Vice-Chancellor, Stellenbosch University

Watch on YouTube

From idea
to venture.

114 Ventures supported in 2025
450+ Students & alumni participating
4 New sectoral tracks

In 2025, the Ashesi Center for Entrepreneurship deepened its engagement with student and alumni founders — building richer pathways from idea, to validation, to incubation, to community. More than 450 students and alumni participated in structured activities across the year.

The most significant programmatic shift was the introduction of four dedicated sectoral tracks — allowing standard training opportunities while making targeted connections with mentors and content experts:

Track 01 Health Ventures addressing access, delivery, and innovation in African health systems.
Track 02 Agriculture Founders building along agricultural value chains — from input to market.
Track 03 Open Innovation A general track for ventures across other sectors and emerging spaces.
Track 04 Renewable Energy Founders building solar, storage, and clean-energy ventures for African markets.
Video · Watch
Founder spotlight · Health Track

Wholly Ever After: gut health, locally made.

After experiencing a transformative improvement in her well-being through kombucha, Nana Pokua Owusu-Sekyere was inspired to make its benefits accessible to others in Ghana. She founded Wholly Ever After — a company focused on producing probiotic products that support gut health and overall wellness. Owusu-Sekyere recently secured funding from the Ashesi Center for Entrepreneurship’s Health Track to scale the business’s operations and expand its impact.

Nana Pokua Owusu-Sekyere · Founder, Wholly Ever After

Watch on YouTube

239 students.
17 countries.

239 Students supported
51% Are women
17 Countries represented
10 Degree programs pursued

Scholarships are how potential meets opportunity. They give young people the tools, the knowledge, and the platform to think bigger than their circumstances would otherwise allow; and the freedom to imagine the impact they want to have on their communities and on themselves.

In September 2025, the first cohort of students supported through our Mastercard Foundation endowment partnership began their studies at Ashesi University; receiving comprehensive support covering the full cost of their undergraduate degree.

Across the broader 239-student portfolio, roughly a quarter come from outside Ghana, representing 17 countries across the continent. Students are pursuing 10 different degree programs.

Christopher Gefli, Ashesi Class of 2029 Scholar · Class of 2029
Scholar spotlight · A chance encounter

How a conversation at a store changed his path.

On shift as a security officer at Melcom, Christopher Gefli noticed an Achimota School alumni car tag and struck up a conversation that led him to discover Ashesi University. Months later, he is reading Computer Engineering at Ashesi as part of the Class of 2029, Cohort B, on a comprehensive scholarship.

“You don’t always win, and that is life. What matters is remaining focused and still moving.”

Christopher Gefli · Computer Engineering, Class of 2029

Significant infrastructure takes shape.

60% STEM Complex completion
Q3 2026 Expected STEM opening
Q4 2025 Center for Leadership groundbreaking

Two major builds advanced from blueprint into reality this year — the kind of physical investment that will shape what is possible for generations of students.

The Science, Technology, Engineering, and Math Complex reported on last year is now approximately 60% complete as of December 2025. The building structures are in place across the complex, and work has shifted to interior fittings — mechanical, electrical, and finish work that will determine how the spaces actually feel and function. Ashesi Canada staff and board members were given a tour of the work site in October 2025 to view this progress firsthand. We expect the complex to open for use in Q3 2026.

In late 2025, contractors also broke ground on the new Center for Leadership. The site has been cleared and is ready for construction to begin in earnest in 2026.

Together these additions will house new research labs, innovation and maker spaces, and dedicated facilities for leadership programs — expanding the campus’s capacity to develop the next generation of African leaders.

Aerial view of Ashesi University campus, Berekuso, Ghana
Ashesi University campus · Berekuso, Ghana Aerial · 2025
Wayne Miranda

Welcoming
Wayne Miranda.

This year we welcomed a new member to our Board of Directors. Wayne Miranda has already been volunteering with Ashesi Canada as a member of the Finance Committee.

Miranda is a mechatronics engineer by training. In 2007 he went to Malawi with Engineers Without Borders and only returned to Canada briefly before moving to Ghana. He spent the next 10 years working on agricultural value chains for small and medium enterprises (SMEs), building a company called Growth Mosaic which focuses on growing impact businesses in West Africa, and later co-founding the Impact Hub.

After his time in Ghana, Miranda returned to Canada to focus on social finance and impact investing. He has recently started a business consulting firm, called Wecelium. Miranda was part of the nascent years of impact investing and remains deeply interested in social finance and building capacity in emerging communities — in Canada and elsewhere. He is currently the Director, Social Finance and Impact Investing at the Definity Foundation.

I’m excited to join the Ashesi Canada board and contribute to the mission of developing the next generation of ethical leaders. I remember the early days of classes for Ashesi University in Labone and the dusty road to the new campus in Berekuso when I was guest lecturing, coaching and mentoring entrepreneurship projects, and recruiting incredible emerging leaders — changemakers and leaders who I’m still in touch with today. It is a privilege to evolve my relationship with Ashesi into this board role for Ashesi Foundation Canada, to continue to support this important mission.
Wayne Miranda Board Director, Ashesi Foundation Canada

Over $18M
deployed.

Through disciplined management of the Mastercard Foundation Endowment for Educational Excellence, we balance mission-driven grantmaking with long-term liquidity and growth.

Disbursements by program — 2025
Program Disbursements (CAD)
Education Collaborative1,428,280
Entrepreneurship & Innovation1,787,060
Scholarships2,283,993
Infrastructure12,972,025
Total disbursements$18,471,358
Investment Portfolio Returns — 2025
13.5%

Our portfolio continues to benefit from a dedicated Investment Committee and Commonfund, which acts as our Outsourced Chief Investment Officer. By balancing financial performance with bold philanthropy, we ensure we can continue to unlock opportunity for generations to come.

What 2026
holds.

In summer 2026, the STEM Complex opens for use, welcoming students and faculty into new research labs, classrooms, and maker spaces.
In September 2026, the second cohort of students on full scholarships arrives, ensuring a strong education experience remains reachable for all students.
By the end of 2026, significant progress will be made on the Center for Leadership, with an estimated completion schedule of Q3 2027.