Banking & Finance

uniBank takeover: Confusion surrounds Black Stars sponsorship deal

The Black Stars’ sponsorship deal with troubled bank uniBank could be in trouble after the Bank of Ghana announced that the domestic bank has gone into administration.

uniBank, in 2016, announced a renewal of their sponsorship with the team worth $1.2 million for three years which will expire in November 2019 but the current uncertainty surrounding the bank has put that deal in limbo.

The Bank of Ghana (BoG) has announced that it has taken over the management of uniBank, by appointing an administrator, KPMG, to run the indigenous bank.

According to the central bank, it took the decision to save uniBank from collapse as the bank was in serious distress.

The Ghana Football Association has, in recent times, struggled to secure sponsorship for the Black Stars after Ghana National Petroleum Corporation (GMPC) ended their lucrative sponsorship deal with the team last year, and this latest development concerning uniBank will be a huge blow to the Association.

Credit: citifmonline.com

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Janet Amemasor

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