GFA set to renegotiate exchange rate clause with FCP Bank

Footy-ghana.com can confirm that the Executive Committee of the Ghana Football Association will meet the headline sponsors of the Ghana Premier League, First Capital Plus Bank, to renegotiate the exchange rate clause in the sponsorship contract.

According to our well placed sources, this follows the discovery by majority of the Executive Committee members at a meeting last week that under the terms of the contract, First Capital Plus Bank will pay $2 million a year for five years with a fixed exchange rate of GH¢2.40 to the dollar over the five-year period.

Footy-ghana.com understands that the contract was signed without the needed input from the Executive Committee members, most of whom demanded to see the contract.

Upon discovery, majority of the Executive Committee were up in arms, since the implication is that should FCP decide to pay the cedi equivalent of $2 million annually, the Premier League clubs would lose out in hundreds of thousands of cedis in sponsorship revenue.

Footy-ghana.com understands that with the exception of only one Executive Committee member, GFA President Kwesi Nyantakyi was the only one to have sighted the contract at the time it was signed.