Wilfred Osei Palmer 'advises' Ghana FA to file for administration if it is broke

Tema Youth owner Wilfred Osei has asked the Ghana Football Association to file for administration if it claims to be insolvent.

Early last week, the Kurt Okraku-led administration announced it had inherited a 'Legacy Debt' of GH¢ 11,106,550 which they inherited from the previous administration.

This was to justify why they could not disburse US$ 500,000 FIFA Forward money to the association.

Osei, a chairman of the Finance Committee under the Kwesi Nyantakyi administration, has challenged the current Executive Council insisting the Ghana FA is financially sound and healthy.

"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 of GH¢ 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."