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Revealed: Kurt Okraku’s administration inherited over GH¢11 million debt

Kurt Okraku's administration inherited over GH¢11 million debt
Kurt Okraku’s administration inherited over GH¢11 million debt

The Ghana Football Association, is in an astronomical debt of GHS 11 million, a document titled “Legacy Debts” prepared and presented to clubs by the current GFA administration has revealed.

The legacy debt, divided into dollar and cedi components, is made up of $470,700.00 (GHS 2,730,060) and GHS 10,079,440.00.

The GFA disclosed the figures to club executives last week in the Kurt Okraku administration’s attempts to share the GFA’s financial situation with members.

The GFA also mentioned West Head, an agency that claimed to have brokered the deal between the FA and GNPC leading to a court battle, as one of the institutions they owe. The amount to be paid as the commission is $1.4 million.

For the current broadcast rights holder, StarTimes, the amount owed them was left blank.

A further breakdown of the debt reveals the GFA owes debt to one Kizito Beyuo ($35,000), the arbitrator of the GFA and GLO impasse; former Black Stars coach, Kwasi Appiah ($180,000); two vehicles purchased in 2017 ($100,000); the land on which the GFA secretariat is cited (GHS 450,000); and many others.

It is unclear why the said amount is included as a liability of the GFA when the Ministry of Youth and Sports or a sponsor (GNPC in the past) pays the Black Stars coaches.

Two Travel and Tour companies, Travel Matters and Kenpong Travel and Tours, are owed $293,000 and GHS 26,000 respectively for providing airline services to national teams.

The document also had GH¢ 1.7 million and GH¢ 480,000 owed referees and match Commissioners respectively, with only GH¢ 300,000 and GH¢ 16,510 paid to these two bodies.

T.T Ustay, a company engaged to work on the FIFA Goal project at the Ghanaman Soccer Centre of Excellence is owed GH¢ 7.6 million including interest, whilst Care Freight Shipping Agency is owed a little over GH¢ 151,000.

The GFA also owes a company called Henqook, for the purchase of a TV set for the association’s boardroom.

Source: My News GH