Hearts of Oak's debt hit GHc21m

It has emerged that Ghana Premier League giants, Accra Hearts Oak owe their chairman Togbe Afede to the tune of GHc 21m (about US$4.3m)

The club is set to hold its Annual General Meeting on Wednesday and it is expected that the chairman will disclose the amount to the shareholders and supporters of the club

The amount, according to FootballMadeInGhana.com was spent on player recruitment, salaries, bonuses, administrative costs, and minimal infrastructural investment.

Togbe Afede assumed the position of chairman of the 19-time league champions after buying the highest amount of shares from the club's share flotation exercise done in 2008

The club has since not won a major silverware despite the constant investments into the club most of which goes into recurrent expenditure.

Added to the club's failure to annex a trophy since floating shares is their inability to make profits despite the huge sums of money Togbe Afede supposedly pumps into the club.

Profits were not recorded over Hearts’ fiscal year despite the sale of Winful Cobbinah.

The AGM on Wednesday is also aimed at securing the mandate from shareholders for another rights issue with the audacious target of raising Ghc 30m (US$6.2).