The Security and Exchange Commission and the Bank of Ghana have neither licensed the new sponsor of the Ghana Black Stars, Mara, a non-bank financial institution (SEC).
A report by Joy Sports indicated that they are not authorized to trade in cryptocurrencies, bitcoins, or any other non-bank financial services in Ghana.
Prior to the Qatar 2022 FIFA World Cup, the GFA and Mara-Metarvese inked a $1 million sponsorship agreement on Friday, September 9.
The arrangement was deemed illegal by Wilfred Kwaku Osei, affectionately known as Palmer, a former Finance Committee Chairman.
The Bank of Ghana, Ghana’s national bank and financial authority, confirmed to Joy Sports that MARA Blockchain lacks a license in Ghana and is therefore unable to “publicize its services in Ghana.”
According to MARA, it is “Africa’s ultimate digital finance ecosystem, empowering Africans’ dreams by leveraging blockchain to transform the social and economic future of African communities, countries and the continent.
Prior to the FIFA World Cup Qatar 2022, which is set to begin in November, Mara became an official sponsor of the Ghana Black Stars during the partnership’s announcement at the Ghana FA secretariat.
Chi Nnandi, co-founder and CEO of Mara, said the following during the unveiling ceremony in Accra: “We are particularly excited to partner with Ghana FA as they #BringBackTheLove for Ghana’s national football team and empower people with a common hope and dream.
“Through this first-of-its-kind partnership in Ghana, Mara will be creating close connections with football lovers across Africa and beyond in unique and compelling ways; welcoming them into a community where they can ignite their passion for creating digital wealth, grab hold of numerous digital finance opportunities and enjoy financial empowerment.
“Mara remains committed to empowering the dreams of Africans across the world and offering the creation of wealth through digital finance.” Buttressing this, Susan Younis, Chief Marketing Officer at Mara said.
“We have very exciting activations and offers that will be rolled out with the upcoming World Cup tournaments. As these activities commence in the next few weeks, we look forward to creating opportunities and environments where Ghanaians can experience the essence of Mara in person.”