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Kwesi Nyantakyi

Revealed! Funds unaccounted for under Nyantakyi regime

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The world football governing body, FIFA, has revealed in a letter to the GFA Normalisation Committee (NC) that funds remain unaccounted for during the erstwhile Nyantakyi administration.

In a letter dated 6th June 2019, FIFA indicated that the formation of the NC became necessary as a results of diverse results of the central review of FIFA forward funds for 2017.

Per the letter, some of the issues raised that needed intervention for the purpose of bringing about a settlement includes; large levels of the cash-based transaction were carried out without supporting documentation, general lack of accountability and absence of an audit trail of disbursement, absence of key controls, with particular reference to lack of segregation of duties over fundamental financial processes.

The lack of accounting records for receipt and expenditure of funds related to sponsorship agreements, significant transaction based on verbal agreements and absence of documentation over high-value, ad-hoc payments to Executive Committee members, remain among keynotes of the FIFA forensic review of the GFA.

FIFA meanwhile maintained that the purpose and outcome of the process was not relation to the criminal charges leveled against former FA president Kwesi Nyantakyi, nor to any finalised or ongoing investigations by the FIFA Ethics Committee with regards to the former CAF first Vice President.

Attached is a copy of the FIFA letter to the NC

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About Richard Korley

Accountant | Blogger/ Founder of Press Sports Ghana | Formerly a presenter with Volta Premier FM, Ho. Sports fan by default. I aspire to write

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