The Ghana National Petroleum Corporation (GNPC) Board have arrived at a decision to fund Sports development in Ghana with a staggering sum of &1.5m dollars annually.
The current development is a 50 percent reduction on the previous $3million amount pumped into the Black Stars annually.
The state-owned oil exploration firm will redirect their resources from only sponsoring the Senior national team Black Stars to developing sports in the Nation.
A statement by MOYS reads ” The Ministry of Youth and Sports (MOYS) can confirm receipt of communication from the Ghana National Petroleum Cooperation (GNPC), that its Board has approved an amount of One Million Five Hundred Thousand Dollars (US$1,500,000) to support sports development and sporting activities of the Ministry.”
This follows strenuous efforts by MOYS to engage with GNPC for support for the development of sports which is in line with our Policy to partner the private sector for the development and promotion of sports in the country.
The statement added “In this regard, a first installment of Seven Hundred and Fifty Thousand Dollars (US$750,000) is to be released to MOYS to be used for the stated objectives.”
”It is important to note that while we reiterate our commitment to the total development of sports, we will also encourage all Federations/Associations to cooperate and work with the National Sports Authority (NSA) to develop a credible classification and categorization process, the aim of which is to ensure a mass and broad-based development and promotion of the various sports disciplines across the country.”