ZIFA Debt Increases To $8 Million Within 3 Years

The Zimbabwe Football Association (Zifa)’s debt has increased to $8 million from $6 million within three years despite promises and claims by the Philip Chiyangwa-led executive that they had solved the issue.

A report from external auditors, Baker Tilly Chartered Accountants, for the year 2017, which set to be tabled at today’s elective congress, indicates that liabilities of the association had increased from $5 944 656 in 2016 to $8 123 391 by December 31, 2017. The financial report suggests Zifa was not settling the money borrowed to fund the 2017 Africa Cup of Nations senior men’s national team qualification campaign. Zifa was banking on government taking over the entire debt.

The loan has an interest rate of 5% and $225 000 was due by September 2017 while the $1 million was due by January 31, 2019. When Chiyangwa took over the presidency in 2015 he stated that he would deal with the debt. In April, he told state media that he had cleared off debt and that only $2 million was outstanding, but the audit report indicates otherwise.

More: Standard

 

Africa Cup of NationsPhilip ChiyangwaZimbabwe Football Association

The Africa Cup Of Nations in a football tournament that brings footballing nations from all over Africa to compete for the ultimate cup. The tournament is held after every two years. Countries from all over the continent with the necessary infrastructure such as accredited stadia,... Read More About Africa Cup of Nations

Dr.Phillip Chiyangwa is a Zanu-PF politician, businessman, actor, socialite, football administrator and controversial personality in Zimbabwe. Chiyangwa is the former President of ZIFA and current president of COSAFA. He is the current Member of Parliament for Zvimba South after having won in the July 2018... Read More About Philip Chiyangwa

Zimbabwe Football Association (ZIFA) is the football governing body responsible for organizing all football competitions. Read More About Zimbabwe Football Association

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