South African sports officials are offering about $50,000 to any competitor who brings home gold from the London Olympics.

In a statement Wednesday, the South African Sports Confederation and Olympic Committee also offered incentives of about $25,000 for silver medals and about $10,000 for bronze.

Tubby Reddy, chief executive officer of the country's highest sports body, says winning an Olympic medal is "a huge achievement and something to be cherished for life," but should also be compensated financially because of the sacrifices athletes make.

South Africa won one medal in Beijing, a silver in the men's long jump.