The Ghana National Petroleum Corporation has terminated its sponsorship agreement with the Black Stars.
The state-owned oil exploration firm say it’s not financially viable to continue its financial obligation to the national team.
GNPC’s decision to pump a staggering $3million into the Black Stars annually sparked controversy in the West African nation.
However, Minister for Parliamentary Affairs and Majority Leader Osei Kyei Mensah-Bonsu, who has been championing the cancellation of the deal since the new government took office, has confirmed the outfit has ended its association with the Ghana FA,
“A Committee of Parliament – Mines and Energy met with the GNPC over their annual budgetary allocation and the committee pointed out to them that their sponsorship of the Black Stars and its supporters was not worthwhile,”he told Kumasi-base Nhyira.
“They asked them to focus on their core duties of oil exploration. One-third of the country’s oil revenue is what is given to GNPC. Last year, they received over $230 million.
“The GNPC has factored it in its budget and omitted the sponsorship allocation.”
GNPC have been sponsoring the Black Stars for the last five years and provide a reported $ 3 million dollar annual support.
The Black Stars is regarded as one of the most lucrative entities to invest in and command a huge interest in the sponsorship kitty.
Currently Puma, Unibank and GNPC are the blocks of finance in the team but that appears to come crashing down because government want GNPC to channel the money used in powering the Stars into education.