Government sets up GHC802,100 provident fund for under-20 AFCON winning team

The government has committed half of the winning bonuses of the Black Satellites team that won the 2021 Africa U-20 Cup of Nations to a scheme.

A provident fund scheme which will be managed by GLICO Pension Fund has been set up for all 26 players of the team.

The move is an application of a directive by President Akufo-Addo in May when the team called on him after winning the tournament in Mauritania.

Addressing the press and team officials on Thursday, November 18, 2021, Mustapha Ussif, the Minister of Youth and Sports emphasized the need for sports personalities to invest in life after their respective careers.

He stated that the government took that decision due to the unfortunate stories of some retired sportspersons whose lives plummeted after retiring from their careers.

He said that the government is not only concerned with what the nation derives from the sports stars but also their welfare.

He detailed that after the initial $5,000 per player investment by the government, the players will have the opportunity of contributing to the fund.

“In order to address this challenge, I had a discussion with the President, Nana Addo Dankwa Akufo-Addo, when the U-20 Team became the African Champions on how to present the Presidential Package,” Mr Ussif said.

“The President directed that 50% of the winning bonus should be invested in the GLICO Pension Fund for the Team and come up with a policy to that effect. A draft policy was lodged at the Attorney-General’s Department for advice. The Attorney-General approved of the policy and the Agreement was signed on 12th September 2021”.

The Greater Accra Football Association Chairman, Samuel Aboabire commended the government for the initiative which he says will go a long way to secure the future of the footballers.

In all GHS802,100 was presented to GLICO to manage on behalf of the players.