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GFA is GHC12.8 million in debt

Confidential documents show the Ghana Football Association is deep in debt and sinking deeper

A Ghana Football Association document has revealed that the association owes debts totalling GHC12.8 million.

The document, titled Legacy Debts, was presented to members after an audit, ostensibly to inform clubs about the Association’s financial standing.

The debt, which is divided into two components – dollars and cedis – totals 470,700 in United States dollar obligaions (the equivalent of GHC2,730,060) and GHC10,079,440.

The document show that the GFA is indebted to West Head, an agency which alleges that it brokered the deal between the FA and Ghana National Petroleum Corporation which led to a court battle. The sum to be paid as commission to West Head is $1.4 million.

Travel, staff, arbitrators . . .

A further breakdown of the debt reveals that the GFA owes Kizito Beyuo, the arbitrator in the GFA/Glo impasse, $35,000. Others debts the Association owes are to the former Black Stars coach Kwasi Appiah ($180,000), the cost of two vehicles purchased in 2017 ($100,000) and the land on which the GFA Secretariat is sited (GHC450,000).

However, there is no mention of monies owed Kwesi Appiah’s backroom staff, Ibrahim Tanko, Stephen Appiah and Richard Kingson, all of whom are owed three months by way of salaries and bonuses for two games.

Two travel and tours companies – Travel Matters and Kenpong Travel and Tours – are owed $293,000 and GHC26,000, respectively, for providing airline services to national teams at different times.

Referees and match commissioners are also in the queue

Referees are also owed GHC1.7 million and match commissioners GHC480,000, although some GHC300,000 and GHC16,510 has already been paid to these two groups.

T T Stay, a company engaged to work on the FIFA Goal project at the Ghanaman Soccer Centre of Excellence, is owed GHC7.6 million including interest, while Care Freight Shipping Agency is owed a little over GHC151,000.

However, there is no mention of how much, if any, the GFA owes the current broadcast rights holders, Star Times.

See the full document below:

*Credit: Additional information from myjoyonline.com

Atsu Boye

* Asaase Radio 99.5 FM. Coming to a dial near you.

* Twitter: @Asaase995FM

Source
MyJoyOnline
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