Kwasi Nyantakyi, the WAFU Zone B President, said injecting the needed funds into football would help develop the sport to appreciable standard.
He was seemingly worried that some important competitions such as the WAFU which used to be vibrant in the 1980s had for some time now been abandoned due to financial constraints.
This years tournament to be hosted by Ghana from November 21 - 28, is being sponsored by Supersport, with the matches due to be honoured at the Baba Yara Sports Stadium and Obuasi Len Clay Stadium.
Host, Ghana are in Group A with Sierra Leone, Benin and Burkina Faso, while Group B comprises Togo, Senegal, Gabon and Niger.
According to the Local Organizing Committee (LOC), winners of the two Groups would progress to the grand finale with the runners-up playing for bronze.
The tournament is being used as preparation for the teams ahead of the Championship for African Nations (CHAN) to be hosted by South Africa in January.