Hearts on ambitious game to lead football
Togbe Afede XIV — Hearts' Executive Chairman

Hearts on ambitious game to lead football

Accra Hearts of Oak slumped to their seventh defeat of the season last Sunday in Accra and slipped to the 10th position on the league log, out of contention for a major title this season, as the team grappled with instability, consistency and a winning mentality on the field.


However, despite these disappointing results, the leadership of the club remains resolute in their relentless pursuit of long-term dominance and sustainability.

Through bold initiatives and substantial investments, Ghana's oldest existing club is positioning itself to remain competitive both on the pitch and in the business arena.

With a revamped board and ambitious growth plans, the Phobians are poised to set new standards of excellence both on and off the field.

At the recent Annual General Meeting (AGM) held in Accra last Thursday, Hearts's Executive Chairman and majority shareholder, Togbe Afede XIV, outlined the club's vision, growth pillars and initiatives.

He emphasised the substantial investments made, exceeding GH¢22 million by the end of 2023.

These investments have laid the foundation for ambitious projects such as the modern training and development complex at Pobiman.

The complex, nearing completion of its first phase, is set to feature world-class sports amenities (including natural and artificial football pitches, tennis courts, basketball and volleyball courts), administrative blocks, dormitories, and executive accommodations upon its final phase.

Also, about GH¢9m had been injected into the reconstruction of the club's massive office complex in Accra, which on completion, will accommodate the club's secretariat and commercial wing, with part available for lease.

Togbe Afede XIV's leadership, since acquiring majority shares through Strategic Initiatives (SIL) Ltd and Strategic African Securities (SAS) Ltd, has propelled the club towards growth in infrastructure development, technical investments, and corporate governance standards in line with requirements of the Ghana Football Association and the Securities and Exchange Commission for publicly listed companies.

Financially, the club's performance for the fiscal year 2022/2023 showed promising signs of growth in revenue and total income. 

Figures presented by the Board Chairman showed growth in revenue and total income but faced challenges with increased expenses and significant losses. Despite a 15.3% increase in revenue and a remarkable 37% rise in total income compared to the previous year, escalating expenses, including direct and administrative costs, have posed challenges.

To address financial needs for infrastructural projects and operational expenses, Hearts has relied heavily on loans from institutions such as GT Bank and SIL. Nevertheless, ambitious plans, including the construction of an 80-room hotel and a 6,000-capacity mini-stadium at Pobiman, demonstrate the club's commitment to growth and sustainability.

At the recent AGM, shareholders approved plans for a rights issue to raise GH¢200 million to bolster the club's finances and support its ambitious initiatives. Togbe Afede XIV appealed for support, stating, "We will be asking you to support our plans to increase the size of the rights issue further to GH¢200 million." 

The shares involved will be available initially to current shareholders, but shares not taken up will be available for subscription by new shareholders.

The success of these investments and ambitious journey hinges not only on strong finances but also on strategic leadership and governance set to be provided by the reconstituted board, comprising professionals of diverse backgrounds and expertise.

At the helm of this transformative journey is Delali Anku Adiamah, the newly appointed Managing Director, whose leadership will be instrumental in steering Hearts towards success.

He will be supported by esteemed figures such as the board chairman, Awasi Agyeman, Dr Kenneth Ashigbey, Ivy Heward-Mills, and Prof. Agyemang Badu Akosah, among others, to navigate the challenges and opportunities that lie ahead.

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