The new sponsor of the Black Stars, Mara, has not been licensed by the Bank of Ghana (BoG) or the Security and Exchange Commission, the Ghana Football Association has been cautioned.
The Ghana Football Association (GFA) announced a one-year deal with the company worth $1 million ahead of the Qatar 2022 FIFA World Cup on Friday, September 9.
However, Mara is not licensed in Ghana and is unable to “advertise its services in Ghana,” according to Joy Sports’ checks at the country’s national bank and financial authority, the Bank of Ghana.
Prior to the FIFA World Cup Qatar 2022, which is set to begin in November, Mara became an official sponsor of the Ghanaian Black Stars during the partnership’s announcement at the Ghana FA secretariat.
All banking and non-banking commercial activities in Ghana must be authorized, regulated, and overseen by the Bank of Ghana in accordance with the law. The central bank released “Notice Number BG/GOV/SEC/2018/02” with specific reference to cryptocurrencies, highlighting recent changes in the use, possession, and trading of virtual or digital currencies (commonly known as cryptocurrencies), such as Bitcoin in Ghana. The Payments System Act of 2003 does not grant licenses for certain digital currency-related operations, the Bank of Ghana informed the public.
“Further to the Bank of Ghana Notice the Securities and Exchange Commission (SEC) by Notice Number SEC/PN/003/03/2019 dated 29th March 2019 also drew the attention of the general public and investors to the fast-growing interest in the issue, investment and trading in cryptocurrencies in Ghana.
“The above-mentioned activities offered by unregistered and unlicensed entities on digital on-line trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC. The SEC stated that it had not regulated these types of products, offerings and their accompanying on-line trading platforms or Exchanges.”
The two organizations’ remarks were intended to caution Ghanaians against using unlicensed and unregulated financial services.
The bank stated that MARA “should not be advertising their services” because they lack a license in Ghana.