It’s unwise to spend oil money on Black Stars – Mahama

• Posted on June 22, 2016
• by Nana Kwesi Coomson
• Comment

The presidential candidate of the People’s National Convention, Dr. Edward Mahama has lashed out at the Ghana National Petroleum Corporation for expending parts of the oil revenue on the senior national team, the Black Stars.

Though he confessed his love for the wildly followed sports in Ghana, football, he is convinced funding the Black Stars with oil money is unwise.

Dr. Edward Mahama said this when he took his turn at the Institute of Economic Affairs’ forum dubbed Encounter with Presidential Candidates in Accra Tuesday evening.

Ghana National Petroleum Corporation in 2013 announced a decision to be the headline sponsor of the Black Stars to the tune of USD 3million each year. The duration of the sponsorship was between 3-5 years, subject to annual renewal.

Responding to a question from a lecturer at GIMPA on diversification of the oil revenue, Dr. Edward Mahama pointed out that the oil money could be used to improve agriculture and other sectors of the economy but certainly not on football.

The PNC presidential candidate stated: “When GNPC gives money for Black Stars, I really don’t think it is a wise use of it because without that money, we would have another way of funding it. So yes, I think I will redirect that money. So it is a matter of redirecting that chunk of money that is supposed to be used.”

He also noted that though it is lawful to spend the oil revenue on capacity building, there is a problem with its application.

“Some of that money should even go into agriculture to encourage young people to go into it like I did at 27,” Dr. Mahama maintained.

-3news