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21.01.2009 Sports News

Gold Fields backs GFA as Government audits funds

By gna
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Gold Fields Ghana Limited (GFG), headline sponsors of the Ghana Football Association (GFA) has backed the Ghana Football Association (GFA) in wake of calls for Government to audit sponsorship funds of the soccer governing body.

“There is no qualms how sponsorship funds have been utilized by the GFA,” said Dr Toni Aubynn, Corporate Affairs and Social Development Director of GFG in a statement.

He said much as his outfits fully appreciates the paramountcy of transparency in such arrangements, the GFA has been very objective in their financial dealings.

“We would like to assure all that disbursements under the sponsorship agreement was subjected to regular auditing by reputable independent external auditors.

“We (GFG) have employed the services of an external auditor that audits the disbursement and usage of funds between the two parties on a periodic basis.”

Dr Aubynn also said that his outfit adheres to the ethics and practices of good corporate governance and therefore keenly monitors its disbursements to the GFA.

“At the moment, we are comfortable with the current disbursement mechanism which is robust and transparent.”

He added that, his company appreciates the interest of the media and general public regarding their sponsorship of the Black Stars and urged all to continue with this watchdog role.

Gold Fields, which has mining operations in Tarkwa and Damang has a long standing relationship with the Black Stars and in 2005, announced a then record $3 million sponsorship for the team which proved pivotal in their qualification for the FIAF World Cup in Germany.

In 2008, the partnership was renewed for yet another three years, worth $3.7 million in cash to the Black Stars.

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