Globacom, the Ghana Football Association and the Ghana Premier League's biggest sponsor, have defaulted on their contractual agreement.
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Glo Mobile Ghana, who agreed a $24million, five-year sponsorship deal with the top flight until the end of the 2014 season, owe $3m to the country's FA.
According to the agreement, Glo is deemed to pay the Black Stars $1.5m annually.
The Ghana FA have found it difficult to attract alternative corporate sponsors to boost the league's profitability, and have been forced to give Glo discounts on the expected yearly payments.
The governing body's head Kwesi Nyantakyi told SuperSport: "Until now, even when they are to pay we have to give them discounts. Other companies were coming and offering even less than the $3million Glo are giving."
The country's FA has threatened to terminate the Glo deal due to endless complaints from the league's clubs on the sponsor's constant failure to transfer funds.
Nyantakyi continued: "But the challenge is that when Glo say they want to pull out, we are in trouble.
"There is no company that will immediately offer such amounts so when people complain at meetings that Glo's payments are not forthcoming, I tell them to just hang in there and wait because we have no alternative.
"I've challenged everybody that if they have a company in mind that offer even $2 million and pay quickly, we will take it and cancel the Glo deal.
"Ghana's economy is small and so the companies here are unable to pay large amounts for sponsorship."
The association is yet to conclude on talks with Ghana National Petroleum Corporation for a potential $3m contract, while its other main sponsor are Guinness, who provide $500,000 a year.
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