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Tema Youth owner Wilfred Osei has asked the Ghana Football Association to apply to the administration if he claims to be insolvent.
Earlier last week, the administration led by Kurt Okraku announced that it had inherited a ‘legacy debt’ of GH ¢ 11,106,550 that they inherited from the previous administration.
This was to justify why they couldn’t disburse $ 500,000 FIFA Forward for the association.
Osei, chairman of the Finance Committee under the administration of Kwesi Nyantakyi, has challenged the current Executive Council by insisting that the Ghanaian FA is financially sound and healthy.
” If GFA says they are bankrupt, then they should signal to the registrar’s general department that they’re ready to request what we call liquidation so that the registrar’s general department designates a liquidator to sell GFA’s assets to pay off debts, from Otherwise they should remain silent, ” Osei, popularly called Palmer, told Kumasi-based Nhyira FM.
” The 2019 financial statement is very clear that GFA had current assets of GH ¢ 800,000 as a short-term investment.
” GFA has a gross cash of GH ¢ 3.3 million as of June 2019. GFA’s short-term liabilities were GH ¢ 4,105 million. Then the total cash of GH ¢ 15.8m. GFA had a debt of GH ¢ 4.1 million, how can you say that you are bankrupt? He asked.
” If you look at the financial status of the Ghanaian FA, there is no way anyone can say that the GFA is bankrupt. You can only say you’re bankrupt when you can’t pay your daily expenses. ”
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