CAF: A deficit of 25 million dollars instead of the 9 million announced

Where did the missing 16 million go?

The Confederation of African Football (CAF) finds itself at the centre of a new financial crisis, following an alarming report from the Audit and Compliance Committee. The latter revealed that losses for the financial year ending 30 June 2023 amount to $25 million, well above the $9 million initially announced.

An audit that calls into question the financial management of the CAF

After unanimously rejecting the financial statements presented, the Audit Commission has lifted the veil on significant inconsistencies. In an official letter, it highlights unrecorded charges of $16.18 million, which explains the discrepancy with the initial forecasts. These charges include in particular:

• $1.98 million related to unfunded expenditures for the 2022-23 fiscal year.
• $11.90 million in technical costs not allocated to clubs, federations and host countries.
• $2.30 million relating to compromised or irrecoverable debts.

These elements reveal significant gaps in the institution’s accounting, calling into question the transparency of its management.

CAF governance under pressure

The context is particularly tense for CAF, whose management is already under fire. The Audit Commission had previously recommended disciplinary measures against several senior officials, including Secretary General Veron Mosengo-Omba. This new report further increases the pressure on the governance of the organization, especially since attempts to intimidate the Commission have been reported. Members of the Executive Committee, usually silent, also appear to be under pressure.

Conclusion: An uncertain future for CAF management

CAF is facing an unprecedented crisis of governance and transparency. The unaccounted for $16 million raises many questions about the financial management of the institution. It remains to be seen whether corrective measures will be taken by the Executive Committee, or whether the situation will lead to deeper changes within the current administration.