The first Ghana Movie Awards otherwise known as Ghallygold, initially scheduled to hold on, Thursday, May 6, 2010 has been cancelled for lack of sponsorship. Organised to reward hardworking stakeholders in the movie industry over the past years, Ghallygold received over 85 submissions from over 25 production houses between February and April this year.

Good news is, another company, Movie Awards Ghana Ltd., is taking over from where Ghallygold left it. The company scrapped old itinerary and some works already done, and has named the awards scheme as MAG (Movie Awards, Ghana).

Among the five main brains behind MAG are event organizer, Efua Wadjeto; actor/producer, Fred Nuamah, and Rockson- the man behind the earlier awards.

MAG is scheduled to be launched on July 24, while the main event comes off in September ending.

Asked how sure he was of this one coming off with or without major sponsorship, Fred Nuamah said, “if it would take selling our properties to make it happen.”

International movie star, Denzel Washington and Ghanaian-Sierra Leonean Hollywood star, Idrissa Akuna Elba are in the short- list of top black actors the award is in talks with to grace the maiden edition. Idrissa Akuna Elba starred in Gangster alongside Denzel Washington and Russell Crowe.