AFCON 2024: What 40% increment in prize money means to teams

The 2024 Africa Cup of Nations (AFCON 2024) has gotten a huge financial boost following the Confederation of African Football’s (CAF) decision to increase the prize money by 40%.

AFCON 2024 will be hosted in the Ivory Coast from January 13 to February 11, with 24 teams vying to be crowned champions.

This year's competition is officially named AFCON 2023 since it was initially scheduled to take place last year but was postponed until January-February 2024.

How much will the winner of AFCON 2024 earn?

The winner of AFCON 2024 will receive a whopping sum of $7 million, equivalent to approximately €6.4 million, which is a significant increment from the previous prize money. This was confirmed in a statement released by CAF last Thursday.

Kalidou Koulibaly, Sénégal, AFCON 2024
Photo by Icon sport

The continent’s football governing body also announced that a sum of $4 million will go to the runner-up in AFCON 2024, with teams that reach the semi-finals also earning $2.5 million. A quarter-final berth at the tournament will also now mean the team gets $1.3 million.

Details of the rewards for each stage of the tournament:

  • Winner: $7 million (€ 6.4 million)
  • Finalist: $4 million ((€3.6 million)
  • Semi-finalists: $2.5 million ((€2.2 million)
  • Quarter-finalists: $1.3 million ((€1.1 million)

AFCON 2024 prize money

The total amount of winnings for AFCON 2024 amounts to $21.2 million, which translates as approximately €19.3 million. This is the highest prize money ever offered by CAF to the winners of the tournament, with the winner of the 2021 edition getting $5 million.

An increase of 40%

AFCON 2024
© Iconsport

In explaining the importance of increasing the prize money for the AFCON, CAF president Patrice Motsepe said it will help to contribute to the development of grassroots football for member associations.

“CAF has made significant progress over the past two years in increasing the funding for the AFCON and all its other major competitions,” he told CAF Online.

“We have increased the prize money for the AFCON winner to USD 7,000,000, which is a 40% increase from the previous AFCON. I am confident that part of this amount will contribute to the development of football and benefit all football stakeholders, while assisting our member associations in their administration.”

How much did Senegal win in 2022?

In 2022, the AFCON saw significant gains attributed to successful teams, notably Senegal who brilliantly won the tournament. By winning the trophy, Senegal were rewarded with $5 million.

This sum already represented a marginal increase compared to 2019, when the winners of AFCON, Algeria, received $4.5 million. In 2017, the prize money for the winner was $4 million, while 2015 and 2013 had $1.5 million going to the champions.

Still far from the Euros and World Cup prize monies

Despite the significant increase in winnings for AFCON 2024, the financial rewards offered during the tournament remain far behind the FIFA World Cup and the European Championship.

The team that is crowned champion of the European Championship earns €28.25 million, while the winner of the World Cup also receives a hefty $42 million. A finalist in the World Cup also gets $30 million.

This staggering difference highlights the persistent economic gap between Africa and other continents when it comes to football. For the 2022 World Cup in Qatar, FIFA distributed a total prize pool of $440 million, an increase of $40 million compared to the 2018 edition.

Comparatively, the prize money for AFCON 2024 is still lower than that offered to the winners of the Copa America, where the champion will earn $10 million, while the runners-up also pocket $5.5 million.

The CONCACAF Gold Cup has a rather modest amount of prize money, with the USA, who won the 2021 tournament after beating Mexico 1-0 in the final, receiving just $1 million. The progressive increment in the prize money for the AFCON, however, suggests it could go up again by 2025.  

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Emmanuel Ayamga

Emmanuel Ayamga is an African sports writer, with bylines on DW, Al Jazeera, World Soccer Magazine and These Football Times.