Govt set to roll out dedicated insurance scheme for athletes
The Board Chairman of the National Sports Authority (NSA), Dr Fred Awaah, has given hints of government intention to institutionalise an insurance scheme to secure the future of retired sports men and women in the country.
That was a key policy objective promised under the current administration’s sports development agenda, with an aim to encourage sports personalities to invest in pension schemes in their active days.
According to Dr Awaah, the scheme was currently at its formative stages, adding that the government was considering two paths: partnering with existing insurance companies to create a specialised sports segment, or supporting committed private entrepreneurs to establish a dedicated sports insurance firm.
This came to light in an interview with The Times Sports last week.
Dr Awaah, who was the spokesperson for the NDC Manifesto on Sports during the 2024 election campaign, noted that government was moving on this path because most of the athletes were young, and often receive little or no guidance on long-term investment.
“Many enjoy what they earn immediately; spending on luxury cars, phones, travels and among others, forgetting that their playing careers were usually short and their income levels not sustainable,” Dr Awaah explained.
Dr Awaah said the issue about insuring the futures of athletes came up strongly in his interactions with major stakeholders in sports development such as the Sports Writers Association of Ghana (SWAG), the Ghana League Clubs Association (GHALCA), and other shareholders.
To address this, the government, he said evaluated various models and concluded that a dedicated sports insurance scheme was the most viable solution.
He said a meeting with all sporting associations and federations today at the Accra Sports Stadium would discuss the insurance intervention to reinforce the idea that sports must be treated as a profession or business rather than just entertainment.
“If it is a business, there must be a retirement plan. From the government’s perspective, that retirement plan should be an insurance policy,” he stated.
He added that while there may be other private initiatives led by the athletes themselves, retirement savings should become a regulatory standard, regardless of an athlete’s earnings, a percentage should be directed toward retirement.
However, Dr Awaah clarified that the specific percentage would be determined by the individual athlete rather than mandated by the government.
BY RAYMOND ACKUMEY
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