GFA Pays Back Govt’s GHc4m Loan

The Ghana Football Association (GFA) has refunded the loan of $4,003,761.08 it received from the government to help fund the Black Stars participation in the 2014 World Cup.

According to the GFA, the amount was paid to the Ministry of Youth of Sports on Thursday in furtherance of an agreement with government before the tournament in Brazil.

Prior to the 2014 FIFA World Cup, the government agreed to pre-finance the Black Stars expenses during the competition pending a receipt of the FIFA appearance fees for participating countries.
In pursuance of the said agreement, an amount of $4,003,761.08 which represents the amount of money government advanced to the Black Stars in Brazil has been paid.

FIFA paid Ghana’s prize-money last week. The GFA emphasized that the amount paid by government to the team was only a loan from government and not public funds.

The Black Stars participation at the World Cup generated a lot of controversy when government airlifted $3 million to pay players’ bonuses and other expenses. President John Dramani Mahama defended the action by saying it was “necessary.”

Mahama, whose government relied on the central bank to pay its bills last quarter, sent a jet with more than $3 million to Brasilia to prevent a possible boycott of yesterday’s game against Portugal.

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