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07.07.2004 Business & Finance

Glico wants "tax waver" for companies sponsoring sports

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Accra, July 7, GNA - Mr Edward Forkuo-Kyei, Executive Director, (Technical) Gemini Life Insurance Company (GLICO) has entreated the Ministries of Education, Youth and Sports and the Ministry of Finance and Economic Planning to come out with a concept to give "tax wavers" to companies that sponsor sporting events.

Addressing a press conference on Wednesday when GLICO fulfilled an earlier pledge of a 1.2 Billion cedis Accident Insurance Cover and a cash donation of 10 million cedis to the Ghana Olympics Committee (GOC), Mr Forkuo-Kyei said it is only through such kick backs and considerations that companies would be motivated to come to the aid of the government at a time when it is saddled with many demands for socio economic development.

The Executive Director said to further inspire the contingent for the Athens Games, GLICO has also promised to provide energy-building foods worth five million cedis during their camping.

Mr Forkuo-Kyei said GLICO would also pay two million cedis for any winning goal scored during the soccer competition and would top it up with additional 10 million cedis if the soccer team wins the gold medal. For the other disciplines that the nation would be participating in, the Executive Director promised that a five million cedis package would be presented them if they win the ultimate.

He assured Ghana's contingent that GLICO would not leave them to their fate as it usually happens and that the winning squad would be insured to the tune of half a million cedis for six months after the games.

Mr Forkuo-Kyei urged the officials to accompany the team to Athens to be more involved and concerned with the success of the team at any particular time.

He tasked the contingent to the Games to be guided by the spirit of nationalism, determination, commitment and innovative spirit that led the Greek national team to victory in the recently held European Cup in Portugal which he said incidentally is the GLICO winning steps. Mr Forkuo-Kyei said the time has come for Ghana to be acknowledged in international sporting events by wining envious medals than being mentioned in passing by masters of ceremonies.

"To me, we have the raw talents in abundance and what we are lacking is the application of the three GLICO winning principles of commitment, determination and innovative spirit"

Dr Deborah Cubagee, Vice-President of GOC received the cheques and thanked GLICO on behalf of the Sports Ministry, National Sports Council and the GOC for the gesture, which according to her would go a long way to motivate the Olympic squad.

She said participating in such major sporting events like the Olympics has become a very huge economic venture which government alone can no longer shoulder hence the need to fall on corporate bodies for assistance 07 July 04