President of Tema Youth Wilfred Osei Kwaku Palmer has urged the Ghana Football Association to file for administration if they are broke.
The current leadership of the Ghana Football Association (GFA), headed by Kurt Okraku claim to have inherited a debt of about GH¢ 11,106,550.00.
The document, named ‘GFA Legacy debts’ is divided into cedis and dollar components.
The legacy debt in the dollar currency is at $470,700.00 whilst that of the Cedis is GHS 10,079,440.00.
Of that amount in the Cedis component, about GH¢ 316,550 has been paid, with GHS 10,790, 040.00 outstanding.
The GFA has cited these debts as the reason why they can't disburse the $500,00 FIFA forward money to clubs.
But the disqualified GFA presidential aspirant says that the GFA is throwing dust into the eyes of the public as the association is financially strong and sound.
''If GFA says they are broke, then they should give registrar general department indication that they’re ready to file for what we called liquidation so that the registrar general department will appoint a liquidator to sell GFA assets to pay the debts else they should keep mute,'' 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 raw cash ofGH¢ 3.3m as of June 2019. GFA liabilities as a short term was GH¢ 4.105m. So total cash of GH¢ 15.8m. GFA had a debt of GH¢ 4.1m how can you say you are broke he queried.
''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.