General

Before we begin, we must understand the for-profit model that keeps our not-for-profit passion for football alive and thriving, especially overseas. Every sustainable development model of a not-for-profit endeavour needs a robust for-profit engine to secure longevity. THE FOOTBALL REVENUE TRIAD Like thriving enterprises, football clubs hinge on robust revenue streams to fuel their aspirations and sustain their operations. The revenue triad of Match Day Revenue, Broadcast Revenue, and Commercial Revenue forms the financial bedrock of these clubs. Comparatively, European football clubs have traditionally excelled in optimising these revenue streams, with the English Premier League and the Spanish La Liga being quintessential examples. Through recent strategic investments, Saudi clubs are ascending on a similar trajectory. However, Ghanaian clubs lag in harnessing the full potential of these revenue avenues, indicative of a pressing need for innovative financial strategies and infrastructural upgrades. THE INSPIRATION FOR THIS ARTICLE So it’s last Friday, early afternoon. I get a call from Charles Nixon, Head of Joy Business. He’s inviting me to a Thought Leadership Event. But it’s the way that he does it that catches my attention. He reminds me that I have lived in the UK and throws staggering stats at me on the English Premier League’s contribution to the British economy during and after COVID – staggering figures. I wondered if he knew I play in the Amateur Premier League as a goalkeeper with Pilsley Community FC. So he has my attention. Then I realised from the invite and flyers that Dr. Daniel McKorley would be there. McDan, the builder of stadiums, the Ghanaian King of Entrepreneurship, the one-person microeconomy stimulator… that McDan. As a long-time Accra Hearts of Oaks fan, I also geeked out when I saw our former Hearts CEO, Neil Armstrong-Mortagbe, would also be there. The icing on the cake is the coolest Chancellor in Africa: Prof Robert Hinson. And a couple of the finest, most renowned sports journalists and hosts there are. At this point, I’m sold! And it didn’t disappoint. The theme was “Football Economy: Repurposing our Approach to Development, The Saudi Arabian Experience”. The Event was Insightful, to say the least. SAUDI ARABIA’S FOOTBALL RENAISSANCE Saudi Arabia has heralded a new era of football prosperity through strategic investments in top-tier talent and significant infrastructure upgrades. The acquisition of marquee players such as Cristiano Ronaldo, Neymar, and Benzema not only elevates the competitive stature of the Saudi Professional League but also casts a global spotlight on it. The ripple effects of these star-studded signings extend beyond the football pitch, luring in a broader fan base and enticing a slew of sponsorships, thus fostering a conducive framework for revenue augmentation. Parallelly, Saudi Arabia has channelled substantial capital towards modernising football infrastructure. From erecting state-of-the-art stadiums to fostering a conducive environment for world-class talent, these infrastructural strides are indispensable cogs in the wheel of football revenue generation. The blend of international star appeal and infrastructural finesse has significantly bolstered the Match Day, Broadcast, and Commercial Revenue streams of the Saudi Professional League. The resonance of these investments is noticeable in the surging attendance rates, increasing broadcast rights agreements, and lucrative sponsorship deals. The Saudi football blueprint is a testimony to the transformative power of strategic investments in elevating a league’s global stature and financial robustness. IMPLICATIONS ON THE THREE REVENUE STREAMS Saudi Arabia’s football investments have had a ripple effect on the revenue ecosystem of the Saudi Professional League, with a notable impact on the three pivotal revenue streams. The metamorphosis of the Saudi Professional League is symbolic of how strategic investments can substantially uplift the financial health of a football league. The Saudi model clarifies a viable pathway for other leagues that are in a difficult position, laying a blueprint that, albeit requiring a tailored approach, could be emulated to foster financial rejuvenation. A CRUCIAL TAKEAWAY The Saudi example should be seen in the proper context. In Saudi Arabia, the government’s Public Investment Fund, the sovereign wealth fund of the nation, bought majority stakes in the top clubs of the Saudi Pro League, making decision-making on investments into the clubs, infrastructure and the League a far more straightforward endeavour that it would be in, say, the Ghana Premier League. The problem of investment for growth in non-English football leagues is well-documented. On one side of the coin, there’s the allure of escalating League and club revenues through enhanced viewership, akin to the lucrative trail blazed by the English Premier League. Yet, on the flip side lies the upfront financial leap needed to attract superior playing talent, essentially to enhance the on-field product, which, in theory, should magnetise more viewers. This cyclic dilemma is not just a solo expedition but a collective one, where all clubs within a league must be on the same fiscal page. The obstacle? Convincing the cohort of all the club owners in a League to unclench their fists and loosen the purse strings, especially when many are already echoing sentiments of over-investment with underwhelming financial returns. Imagine achieving this in Ghana! Not an easy feat. European football leagues, like the Bundesliga or Serie A, have shown a semblance of the investment-viewership growth model. Germany’s Bundesliga, for instance, prides itself on its boisterous matchday atmosphere, owing to its club’s fan-centric approach, which has also been a drawing card for TV viewership locally and internationally. On the commercial front, clubs in these leagues have sought to augment their brand allure through strategic player signings and brand partnerships, propelling their commercial revenue streams. However, the financial model of football is not without its pitfalls. The English Premier League, despite its global viewership magnetism, has its clubs grappling with soaring player wages, which, as of 2019, consumed as much as 61% of their revenues. Around the same 2019, in Spain, Barcelona’s financial woes with the player-salary conundrum had the club pay 80-90% of all of its revenues to players as salaries. This financial back-and-forth, balancing investment for growth and fiscal prudence, is the tightrope that non-English leagues and

The Importance of Defining Roles Clearly In the dynamic corporate governance landscape, clearly defined roles facilitate smooth operation and are pivotal in steering the organisation towards its strategic objectives. A vivid outline of responsibilities ensures that every financial process is undertaken judiciously, maintaining a balance between strategy and day-to-day management. Within this framework, the roles of a treasurer and a financial secretary emerge as two distinct yet symbiotic functions, each catering to different facets of the financial management spectrum. Background on the Traditional Roles of Treasurers and Financial Secretaries Traditionally, the treasurer assumes a more strategic role, spearheading the company’s financial direction and ensuring fiscal health through insightful budget management and financial planning. Their purview extends to long-term financial strategies that are crucial for sustainable growth. Conversely, a financial secretary is engrossed in the daily financial undertakings, meticulously managing records and ensuring precise documentation of all transactions. This role is foundational, guaranteeing the smooth operation of the financial department by facilitating seamless transaction management and fostering organisational efficacy through detailed record-keeping. DELVING INTO THE ROLE OF A TREASURER The Strategist Behind Financial Health In the modern corporate world, a treasurer is the company’s financial health guardian. Their role extends far beyond mere financial management; they are strategists equipped with a forward-thinking approach to sustain and grow the company’s financial status healthily. By having a hawk’s eye on the market trends and economic forecasts, they ensure the firm is always a step ahead in its financial planning. Overview of the Strategic Role At the heart of a treasurer’s role lies strategic financial planning. They oversee the organisation’s financial activities, ensuring liquidity is maintained while mitigating risks associated with investments and other financial undertakings. Their strategic insight is critical in fostering financial stability and steering the organisation towards prosperous horizons. Importance in Budget Management Budget management is another critical facet of a treasurer’s responsibility. They are charged with meticulously crafting and managing budgets, working with various departments to align financial plans with the company’s overarching goals. Monitoring budget adherence fosters financial discipline, ensuring resources are judiciously utilised and financial objectives are met seamlessly. Treasurer: Skills and Expertise Financial Management Acumen A treasurer must exhibit a deep understanding of financial management principles. Their role necessitates expertise in managing large portfolios and a profound comprehension of market dynamics and investment principles. Their financial acumen ensures the company navigates through economic fluctuations adeptly, maintaining a sound financial footing. Analytical Skills Required Analytical prowess is non-negotiable in the treasurer’s role. They must be able to scrutinise financial reports, discern market trends, and make data-driven decisions that align with the company’s strategic goals. These skills enable them to forecast potential opportunities and risks, helping to shape a prudent financial strategy. Treasurer: Collaboration and Reporting Reporting Structures Within the corporate hierarchy, the treasurer typically reports to the Chief Financial Officer (CFO) or the board of directors. Their reporting structure is designed to facilitate strategic alignment with the company’s vision, ensuring that financial strategies are woven intricately with the firm’s broader objectives. The Collaborative Approach to Strategy Alignment A treasurer doesn’t operate in isolation; they work collaboratively with various departments to foster synergy in achieving the company’s financial objectives. This collaborative approach ensures that financial strategies are not just theoretical constructs but are grounded in the practical realities of the company’s operations, thus enabling a harmonised approach to achieving fiscal goals. UNPACKING THE ROLE OF A FINANCIAL SECRETARY The Guardian of Daily Financial Operations The financial secretary operates as the backbone of the daily financial operations, standing as a steward over the fine details that facilitate the smooth running of the organisation’s financial functions. This role involves meticulous financial records management, ensuring transactions are accurately recorded, and financial data is readily available for scrutiny and decision-making. Overview of the Day-to-day Role A day in the life of a financial secretary is characterised by a relentless pursuit of accuracy in the record-keeping process. Their daily tasks include managing receivables and payables, recording financial transactions, and maintaining an organised system of financial documentation. This role is critical in ensuring transparency and fostering a culture of financial accountability within the organisation. The Necessity for Detailed Record-keeping Record-keeping stands as a cardinal responsibility for the financial secretary. This involves documenting transactions accurately and safeguarding financial documents to ensure compliance with regulatory requirements and facilitate audits. The financial secretary ensures that every financial movement is recorded diligently, thus building a robust financial infrastructure that stands the test of time. Financial Secretary: Skills and Expertise Precision and Attention to Detail Serving as the guardian of daily financial operations requires a meticulous approach to work. The financial secretary must exhibit unparalleled precision and attention to detail, ensuring that every transaction is documented correctly and that financial reports are error-free, safeguarding the company against potential financial discrepancies. Organisational Prowess A financial secretary is often tasked with managing various documents and data. Thus, organisational skills are paramount. They must create and maintain systems that allow for easy information retrieval, promoting efficiency and aiding in swift decision-making processes within the organisation. Financial Secretary: Collaboration and Reporting Reporting Lines The reporting lines of a financial secretary can vary depending on the organisational structure. Generally, they report to the treasurer or the financial manager, facilitating a streamlined flow of financial information and ensuring that the strategic financial objectives of the organisation are met through diligent daily operations. Inter-departmental Collaboration A financial secretary plays a crucial role in fostering collaboration across various departments. By maintaining open communication channels and sharing vital financial data, they enable different units to work in harmony, thus ensuring that the financial aspirations of the organisation are achieved collaboratively and efficiently. COMPARATIVE ANALYSIS Similarities between the two roles In the complex structure of an organisation, both the treasurer and the financial secretary play instrumental roles, often working hand in hand. One of the defining similarities is their core objective: ensuring the financial stability and health of the organisation. They both are involved in financial planning, management, and reporting, albeit

A silent but profound form of dominance is underway, spearheaded not by nations but by tech behemoths that dominate the digital realm. It pertains to these powerful entities’ control and use of data, algorithms, and digital spaces to extend their economic and political dominion. It is crucial to note that the parallels between this digital age and the era of historic dominance of foreign nations are stark. Much like the scramble for African territories in the past, today, the continent is a battleground for user data, with corporations vying to extract valuable information, often without the individual’s explicit consent. Modern Manifestations through Data Extraction by Tech Giants The depth of this new-age dominance is seen in data extraction. Tech giants develop platforms and algorithms with addictive properties, encouraging users to give away more of their data, which is then harnessed for economic gains. According to scholars like Shoshana Zuboff, this age is characterised by “surveillance capitalism,” a system where human experience is unethically translated into data, which is then leveraged for profit. Drawing a clear line between history past and today’s digital age, we notice a common element of exploitation. The economic disparity fostered through the historic domination of foreign powers is mirrored in the digital space. Today, African countries provide raw data, akin to raw materials, which are processed and monetized elsewhere, rarely returning derived economic benefits back to the continent, at least not in fair proportion. The Role of Data in Modern Business The adage “data is the new oil” has recently gained prominence, underscoring data’s centrality in driving modern business landscapes. Corporations leverage vast amounts of data to gain insights, streamline operations, and foster innovation. Harvard Business Review notes that data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result. The vast amount of data harvested from digital platforms allows businesses to tailor products and services to individual preferences, radically altering the landscape of trade and commerce. Additionally, McKinsey Global Institute asserts that data-driven strategies can unlock economic benefits, including increasing profitability by 60% for retail companies. The African Landscape Turning our lens towards the African continent, we find a region buzzing with digital potential yet contending with a mosaic of policy landscapes on data protection and cyber security. As per the UN Conference on Trade and Development (UNCTAD), while African nations have been making strides in developing digital economies, 66% of countries still lack data protection and privacy laws. African nations are at a pivotal juncture where the right policy frameworks can catalyze a burgeoning digital economy. However, this path is fraught with challenges, including infrastructure deficits and a digital divide that threatens to leave many behind. •          South Africa: As a frontrunner, South Africa’s Protection of Personal Information Act (POPIA) represents a comprehensive approach to data protection, positioning the nation as a leader in safeguarding user data in the digital space. •          Nigeria: In Nigeria, the National Information Technology Development Agency (NITDA) established guidelines for data protection. Despite this, experts argue that enforcement remains a substantial challenge, with corporations largely self-regulating, resulting in potential conflicts of interest. •          Ghana: The Data Protection Act of 2012 in Ghana stands as an early move in West Africa to establish a legal framework for data protection. Yet, there remains room for bolstering enforcement mechanisms and fostering broader public awareness regarding data rights.  Limits of Data Protection Laws As we venture deeper into the intricacies of digital dominance, it becomes key to trace the existing loopholes in the data protection laws that render them less effective. According to a report by the Global Privacy Assembly, many African nations struggle with enforcement mechanisms, illustrating a gap between policy formulation and its actual implementation. An Instance of Data Privacy Violations Historically, we’ve witnessed significant breaches that highlight these loopholes vividly. For instance, the South African company, Liberty Holdings, suffered a cyber-attack a few years back, resulting in a considerable data breach. These incidents signify the vulnerabilities entrenched in the digital sphere and point to a pressing need for robust protective frameworks.  Though designed to act as deterrents, sanctions often fall short in the dynamic digital landscape. An article published in the Journal of International Affairs points out that sanctions often fail to prevent exploitation fully, given the rapid advancements and the evolving nature of technology. Market Domination Venturing into the sphere of market dynamics, we find large tech companies assuming almost monopolistic positions, controlling vast swathes of data. This market concentration can diminish competition, stifle innovation, and result in economic imbalances, a scenario frighteningly reminiscent of history past where a select few controlled the resources. The Role of Competition Enforcement in Safeguarding Interests To counteract this dominance, competition enforcement emerges as a vital tool. Experts suggest that fostering a competitive environment could act as a check on the monopolistic tendencies of these behemoth tech companies, thereby safeguarding broader interests. The African Competition Forum (ACF) has been pivotal in promoting a culture of competition by encouraging national competition policies and creating awareness among stakeholders. Social, Political, and Economic Implications Digital dominance carries deep-seated repercussions reverberating through African society’s social, political, and economic fibres. On the social front, there is a palpable increase in the digital divide. Politically, data has become a tool for manipulation and misinformation. The Cambridge Analytica scandal is a stark reminder of how data harvested can be used to manipulate voters in various African countries, underscoring a pressing need for stringent data governance frameworks.  Economically, the essence of digital dominance pivots on data exploitation – deemed as the ‘new oil.’ This exploitation results in economic disparities, with African countries losing out on the monetary benefits that should ideally accrue from the judicious use of their data. Forward Outlook from the Past As we cast our gaze back to the Berlin Conference, a seminal moment which orchestrated an unprecedented scramble for Africa, we find the roots of a persistent battle against external dominance –