"There's nothing like legacy debt, file for liquidation if you're broke " - Palmer to Ghana FA - Footy Dreams

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“There’s nothing like legacy debt, file for liquidation if you’re broke ” – Palmer to Ghana FA

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Image via Ghanasoccernet

Former Ghana FA Executive Committee member, Wilfred Kwaku Osei ‘Palmer’ has asked the Ghana Football Association to apply to the Registrar General for it to be liquidated if they claim to be in financial difficulties.

According to him, ‘there is nothing like legacy debt in accounting ‘ as indicated in the books of the association when reacting to discussions about legacy debt.

He explained that: “Ihave 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 indicated that based on their Ghana FA’s Accounts presented to members in June 2019, the Ghana FA should be self-sufficient and not to say the association is broke and that it needs some form of financial assistance.

“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” he told Nhyira FM in Kumasi.

“The 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.

The disappointed 2019 Ghana FA Presidential aspirant reiterated that the financial statement of the FA suggested a strong institution that was capable of running its routine schedules.

“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.”

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