By John Kwesi Arthur
Football Writer, kick442.com-Ghana
Former Ghana football association executive committee member, Mr. Wilfred Osei Palmer has asked the association to seek for liquidation if they think they are broke.
According to him, the financial statement of the Association currently cannot be termed as a broke association
“If GFA says they are broke, then they should give registrar general department indication that they’re ready to file for what we called a liquidation so that the registrar general department will appoint a liquidator to sell GFA assets to pay the debts else they should keep mute.” He said
“If you look at the financial statement of the Ghana FA, there is no way anybody can say the GFA is broke. You can only say you are broke when you can’t afford for your day to day expenditure.” He added
The president of Tema Youth football club stressed that the 2019 financial statement clearly gives an indication that the FA is financially sound and it’s needless to describe it as broke.
“2019 financial statement is very clear that GFA had current assets of ¢800,000 as a short-term investment. GFA has raw cash of ¢3.3m as of June 2019. GFA liabilities as a short term was ¢4.105m. So total cash of ¢15.8m. GFA had a debt of ¢4.1m how can you say you are broke.”
Mr. Palmer however said, he has not seen anything called legacy debt in accounting as being used by Ghana football association.
“I have done my research and there is nothing in finance and accounting known as legacy debt. As to where that the terminology was borrowed, only God knows. This is a term used as an employment benefit by the USA Social Security System. It is a jargon they use”
He revealed this to Nhyira FM in Kumasi.
Ghana football association has presented a legacy debt book to the various clubs indicating that they are broke therefore the FIFA’s stimulus package cannot be distributed to them.
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