GNPC stamp out of $15 million sponsorship deal with Black Stars

Published on: 1 year ago

 State-owned Ghana National Petroleum Corporation (GNPC) has terminated its sponsorship agreement with the Black Stars.

According to management of GNPC, their deal with the Ghana FA is not financially viable hence no need to continue its financial obligation to the national team.

The state-owned oil exploration firm begun an annual $3million sponsorship deal with the Black Stars back in January 2013 and with two more years for the deal to expire, government has decided to terminate the deal.

Minister for Parliamentary Affairs and Majority Leader Osei Kyei Mensah-Bonsu, who has been championing the cancellation of the deal since the new government took office, has confirmed the outfit has ended its association with the Ghana FA,

“A Committee of Parliament – Mines and Energy met with the GNPC over their annual budgetary allocation and the committee pointed out to them that their sponsorship of the Black Stars and its supporters was not worthwhile,"he told Kumasi-base Nhyira FM

“They asked them to focus on their core duties of oil exploration. One-third of the country’s oil revenue is what is given to GNPC. Last year, they received over $230 million.

“The GNPC has factored it in its budget and omitted the sponsorship allocation."

The Black Stars is regarded as one of the most lucrative entities to invest in and command a huge interest in the sponsorship kitty.

Currently Puma, Unibank and GNPC are the blocks of finance in the team but that appears to come crashing down because government want GNPC to channel the money used in powering the Stars into education.