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06.11.2013 Sports News

Ghana Fa Boss Takes Swipe At Glo For Delayed Payment Of Sponsorship Money

By ghanasoccernet.com
Ghana FA boss Kwesi Nyantakyi Ghana FA boss Kwesi Nyantakyi
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By Ameenu Shardow
Ghana FA boss Kwesi Nyantakyi has praised CCTC for their timely payment of sponsorship monies while criticizing the non-paying firms including Globacom.

The Nigerian-owned telecommunication firm have failed to honour  their financial obligations to the Ghana FA running into years.

Glo owe the Ghana FA over $5m in sponsorship monies and have consistently failed to meet their own payment schedules in clearing the outstanding amount.

The situation has left Premier League clubs reeling under immense financial pressure as the arrears include sponsorship monies due the clubs for previous seasons.

Many have called for court action against Glo but the Ghana FA have decided to take the diplomatic route in retrieving the money.

Ghana FA boss in an indirect swipe at the telecommunications company has warned their continued delay in honouring their financial obligations to the association can dilute the effect of required cash injection due to the time value of money.

“You [CCTC] have been a reliable sponsor and have always honoured your obligations on time,” Nyantakyi said.

“Not like other sponsors who have arrears to clear.

“So I hope the other sponsors will take a cue from CCTC and pay monies owed the FA on time.

“You might pay but the time of payment may lose its effect because of time value for money.

“If the money is paid in ten years time we will not need the money because the value will not be the same as when the agreement was first signed.”

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