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Ghana Sends Plane Full Of Dollars To Brazil As 'Black Stars' Demand "Physical Cash"

Tyler Durden's picture




 

Ahead of tomorrow's make-or-break FIFA World Cup game against Portugal, the Ghana "Black Stars" are not happy. Amid controversy over match-fixing, the players have demanded that the World Cup appearance fees they are owed be paid; and as Bloomberg reports, "The players insisted that they will want physical cash." The Ghanaian government has chartered a plane and the dollars are on their way to Brazil. Perhaps the players want to invest it in the latest grand idea - Ghana's first hedge fund has just been launched (prepare for more emails).

As Bloomberg reports,

Ghana has sent a plane carrying more than $3 million in cash to Brazil to pay the World Cup appearance fees owed to the national soccer team, known as the Black Stars.

 

“The players insisted that they will want physical cash,” Deputy Sports Minister Joseph Yammin said in comments broadcast by Accra-based Citi FM. “Government had to mobilize the money and a chartered flight to Brazil. The money is in excess of $3 million.”

 

...

 

“President Mahama waded into the matter after agitation from the Black Stars players,” the association said. “President Mahama personally spoke to the players to assure them the money will be paid by Wednesday afternoon.”

 

...

 

“At the drop of a hat, to bring in $3 million in cash, it might get you into a spot of bother,” he said. “I don’t think the Brazilians will confiscate it but they just may not allow it to be released.”

And this comes after controversy over match fixing allegations...

The Ghanaian team has been dealing with issues off the field all week, as the football association asked police to investigate claims reported by the London-based Daily Telegraph that the association’s president had agreed to fix future international exhibition matches.

 

The GFA has denied the report and says that the two men mentioned in the story never made offers to bribe them or association President Kwesi Nyantakyi.

But perhaps more interesting (as an example of wealth creation and exuberance)...

Tikowrie Capital Ltd., a Ghanaian money manager started by a former regulator, plans to establish the West African country’s first hedge fund.

 

“The appetite of investors in the country has grown over the years,” Tikowrie Executive Director Maxwell Gidi said by phone from Accra yesterday. “They’re looking for more sophisticated avenues of investment.”

 

Gidi, 37, said he quit his job as assistant manager of the broker-dealer department at Ghana’s Securities and Exchange Commission, where he worked for seven years, to start Tikowrie six months ago.

 

...

 

The hedge fund will trade in U.S., Canadian and Australian dollars as well as the euro, British pound and yen, Gidi said. It will also buy and sell gold, copper and palladium and trade in sovereign debt through London-based CFH Clearing Ltd., its prime broker.

Funding? we suspect more spam emails will hit the US soon...

 

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Wed, 06/25/2014 - 13:08 | 4894026 Shizzmoney
Shizzmoney's picture

Two things you can 100% expect every four years:

A) Politicians lying through their teeth and kissing as much ass as possible to get elected

B) An African Football Team at the World Cup complaining about their wages (The Cameroon team also threatened to not play the 3rd game until wages were paid).

At least the latter has a point because the FAs in most African nations just pocket the money themselves #lolbureaucracy

 

Wed, 06/25/2014 - 13:17 | 4894066 DoChenRollingBearing
DoChenRollingBearing's picture

Hmm.  They all want "Alt Liquidity"!

http://goo.gl/cfk7gy

Wed, 06/25/2014 - 13:24 | 4894103 bania
bania's picture

I'd be interested in this new hedge fund, but i already gave most of my extra money to the son of the deposed king of Nigeria.

Wed, 06/25/2014 - 13:42 | 4894186 insanelysane
insanelysane's picture

Word is that someone named J Corzine is going to run it.

Wed, 06/25/2014 - 13:25 | 4894108 pods
pods's picture

Show me da money!
pods

Wed, 06/25/2014 - 23:23 | 4896569 StychoKiller
StychoKiller's picture

Man are they gonna be irate!  The plane is full of paper Munny, NOT Money!

Wed, 06/25/2014 - 14:14 | 4894379 CrashisOptimistic
CrashisOptimistic's picture

Psst.

Ghana has oil.

Wed, 06/25/2014 - 16:06 | 4894943 Rusty Shorts
Rusty Shorts's picture

...and Gold, they don't call it the Gold Coast for nothing.

Wed, 06/25/2014 - 14:38 | 4894512 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

To be fair, they really weren't getting paid.

Wed, 06/25/2014 - 19:08 | 4895675 RaceToTheBottom
RaceToTheBottom's picture

They just exchanged one "promise to pay" for another "promise to pay".

Wed, 06/25/2014 - 19:55 | 4895820 Monty Burns
Monty Burns's picture

And Third World referees making some very dodgy decisions.

Wed, 06/25/2014 - 13:09 | 4894027 madcows
madcows's picture

I'd like to be paid in physical cash, too.  Preferentially something other than FRN's, and shiny.

Wed, 06/25/2014 - 13:10 | 4894039 Silver_K-9
Silver_K-9's picture

Essien and the Boys should have asked for #GOLD!

Wed, 06/25/2014 - 13:24 | 4894098 walküre
walküre's picture

Naturally but those planes have a way of disappearing mysteriously...

 

Wed, 06/25/2014 - 13:12 | 4894046 SmilinJoeFizzion
SmilinJoeFizzion's picture

Is Janet "Goldfinger" Yellen piloting the plane back to Dulles

Wed, 06/25/2014 - 13:13 | 4894052 youngman
youngman's picture

Pretty funny actually..shows you how much corruption is involved in these games...from the location picking to the paying of the players.....everyone wants their cut...and free tickets of course...

Wed, 06/25/2014 - 13:40 | 4894176 smokintoad
smokintoad's picture

Must be why soccer never really caught on in 'Murica!'.  We don't have corruption here.

Wed, 06/25/2014 - 16:29 | 4895066 MeBizarro
MeBizarro's picture

Ratings show otherwise although it will always be a distant second-tier spot compared others.  Soccer may be the global sport today but basketball has made serious inroads everywhere too and is even easier to find a place to play than soccer. 

Wed, 06/25/2014 - 13:59 | 4894293 Matt
Matt's picture

Getting paid in compensation for all the time and effort dedicated to being amongst the best at a sport = corruption? Or do you mean the problem that the players have to cause trouble just to recieve the money they are owed?

Seems odd to me that they need to send a plane to move money to Brazil, instead of just wiring it to Brazil and taking the paper out there. Maybe no one has $3 m,illion in physical USD lying around? Mexico has $18 billion in physical USD, recently confiscated ...

Wed, 06/25/2014 - 19:58 | 4895834 Monty Burns
Monty Burns's picture

The players don't trust the authorities and they're right. I worked in Ghana for a while and corruption was everywhere.  The authorities would have pocketed the money once the Ghanaians were knocked out (which will probably happen tomorrow).

Wed, 06/25/2014 - 13:14 | 4894056 Urban Redneck
Urban Redneck's picture

A promise to pay for labor and services rendered is a promise to pay.

The sight of a politician actually taking responsibility and making good on the promises of the/his "State" is unfortunately rare.

(not that he had much choice, since it's the middle of World Cup, and that actually is a big deal outside of the US)

Wed, 06/25/2014 - 13:19 | 4894073 Ness.
Ness.'s picture

They should have asked to get paid in SPY futures.  

Wed, 06/25/2014 - 13:19 | 4894078 syntaxterror
syntaxterror's picture

Brazil built a $300 million stadium in the amazon jungle that host will a total of 4 games. And it won't be used after the world cup because the jungle outpost has no football team. Oh, and it cost $3 million per year in upkeep.

Good to see that the Chinese 'build empty cities' economic model is being practiced world-wide now.

Fucking brilliant.

Wed, 06/25/2014 - 13:27 | 4894115 walküre
walküre's picture

it will be the Morlock's barnyard for the last remaining humans after the apocalypse...

Wed, 06/25/2014 - 13:38 | 4894167 Herd Redirectio...
Herd Redirection Committee's picture

What you are forgetting is, it cost $300 million.   If they DIDN'T built the stadium, thats $300m less graft for cronies.  WTF kind of bureaucrat are you, trying to spend the public's money efficiently (and on budget)?

That would mean less power for you, the bureaucrat!

BTW, Manaus is home to a famous (100 year old) Opera House, so its not guaranteed that the stadium will become decrepit.

Wed, 06/25/2014 - 15:42 | 4894800 BorisTheBlade
BorisTheBlade's picture

Wait until Qatar hosts games in 2020. They pledged metro, stadiums, hotels and all in the fucking desert at +40c never to be used again. At least in Brazil kids know how to play football and might at some point actually use it. Qataris, they barely move out of their SUVs into the homes and offices.

Wed, 06/25/2014 - 16:20 | 4895029 Oldrepublic
Oldrepublic's picture

being built by slave labor

Wed, 06/25/2014 - 13:28 | 4894119 youngman
youngman's picture

They wanted to spread the wealth around but some of the cities dont need a 100,000 seat stadium.....and yes many will fall apart in a few years....but hey..Brazil can get the world cup again and spend trillions by then to fix them up again....

Wed, 06/25/2014 - 13:32 | 4894136 DoChenRollingBearing
DoChenRollingBearing's picture

Maybe Brazil is not ready for the "Big Leagues" after all.

_RICs ?

Wed, 06/25/2014 - 13:43 | 4894190 insanelysane
insanelysane's picture

Olympics there in 2016

Wed, 06/25/2014 - 14:14 | 4894378 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, that is true.  But, what I should have written is that Brazil will not likely achieve Great Power status anytime soon.

Wed, 06/25/2014 - 15:27 | 4894719 walküre
walküre's picture

IOC may pull the trigger and move 2016 to another venue. I'd say bring it back to Greece as Greece has the infrastructure, doesn't need to spend billions on building and can use the revenues. It would be a win/win for Greece but not so much for the cronies obviously. Fuck the oligarchs, they break everything they touch.

Wed, 06/25/2014 - 16:25 | 4895050 Oldrepublic
Oldrepublic's picture

the famous quip: Brazil is the country of the future and always will be, is no longer true

Wed, 06/25/2014 - 13:34 | 4894148 1stepcloser
1stepcloser's picture

Never fear, the stadium could see some use for beheadings

Wed, 06/25/2014 - 15:11 | 4894653 Jlasoon
Jlasoon's picture

Ahhh just like the good old days. Estadio Nacional de Chile circa 1973. Beautiful detention center if you ask me. 

Wed, 06/25/2014 - 16:31 | 4895068 Oldrepublic
Oldrepublic's picture

The US journalist Charles Horman probably died there

Wed, 06/25/2014 - 19:24 | 4895718 Bangin7GramRocks
Bangin7GramRocks's picture

fill the field with water and baby Anacondas. Breed about 10,000 of those 25 foot monsters and then "gift" them to the US for the spying scandal.

Wed, 06/25/2014 - 13:36 | 4894159 shouldvekilledthem
shouldvekilledthem's picture

Life is a lot easier with bitcoin :)

Wed, 06/25/2014 - 13:37 | 4894166 Dr. Gonzo
Dr. Gonzo's picture

I would have demanded payment in gold. They must not have that much leverage to settle for currency.

Wed, 06/25/2014 - 13:46 | 4894215 Urban Redneck
Urban Redneck's picture

Ghana is one of the only countries in the world with a fee-free national e-wallet and electronic payment system with biometric authentication, so the State could have simply made digital 0's and 1's appear in their accounts instantly...

and yet they ask for actual paper banknotes...

which are depreciating at 20+% per year.

So they're either spending it on hookers and blow this weekend or converting into some sort of tangible asset more suitable for preservation in very short order.

Wed, 06/25/2014 - 14:11 | 4894358 Matt
Matt's picture

What makes you think they are getting paid in Ghana dollars instead of USD?

Wed, 06/25/2014 - 14:37 | 4894502 Urban Redneck
Urban Redneck's picture

The plane supposedly left Accra loaded with 3 million in paper banknotes. Most USD in Ghana is digital, and finding $3 million in paper, in short order, at a Bank... would be difficult. They just relaxed the f/x restrictions from February that effectively banned conversions or withdrawals over USD 10,000 but I don't think people were in any mad rush to entrust the local banks with their foreign fiat paper stashes.

Wed, 06/25/2014 - 16:30 | 4895055 Rusty Shorts
Rusty Shorts's picture

Ghana is literally awash with USD cash, I have personally seen pallets and more pallets of $100 USD cash at http://gh.barclays.com/about-us/index.html , easily 100's of milions of USD...and oh, btw, Ghana is on of Goldman Sachs favorite places - http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=180487

 

- edit, remember when Obozo got elected, where was the first place he went??? that's right - GHANA

Wed, 06/25/2014 - 17:01 | 4895195 Urban Redneck
Urban Redneck's picture

But the huge piles of cash generally belong to "someone" (specific) while vault cash available for withdrawal by others is a function baseline local transaction flow. "Someone" could certainly cough up $3m but that would be a lot to keep on hand even at Barclays House, then agaion I haven't been in Accra since the BoG figured out that if you want to keep f/x in the system, it's probably not wise to outlaw f/x, so who knows.

http://gh.barclays.com/annual-reports/index.html

Wed, 06/25/2014 - 17:52 | 4895342 Rusty Shorts
Rusty Shorts's picture

Okay, cool. 

 

Planning a trip to Ghana for New Years eve, going to hang out for awhile, couple months hopefully to get caught up with my friends there, if you get a chance, shoot over to Accra for a brew.

Wed, 06/25/2014 - 18:09 | 4895439 Urban Redneck
Urban Redneck's picture

I must be getting old, since I now prefer a quiet New Years' with family (away from the amateur drunks). If you're going to be around a few months though- I will certainly be passing through Accra (and Suhum & Asuogyaman) unless I unexpectedly get hit by bus or put out of business.

Wed, 06/25/2014 - 18:57 | 4895630 Rusty Shorts
Rusty Shorts's picture

I understand, I'm no spring chicken myself. BTW, I don't hang around Accra any more than I have to, will be heading to Kumasi and Tamale, among other places. So who knows, maybe our paths will cross.

Wed, 06/25/2014 - 14:21 | 4894421 Shizzmoney
Shizzmoney's picture

RE

So they're either spending it on hookers and blow this weekend or converting into some sort of tangible asset more suitable for preservation in very short order.

They are doing so to skate taxes.

Messi just paid 33 million in back taxes.  Don't think footballers don't see that; they aren't THAT stupid.

Wed, 06/25/2014 - 15:16 | 4894169 JenkinsLane
JenkinsLane's picture

Does anyone have an up-to-date list of Nigerian hedge funds? I understand their performance has been market-leading as of late.

 

Thanking you in advance.

Wed, 06/25/2014 - 13:40 | 4894177 syntaxterror
syntaxterror's picture

900 people killed so far building World Cup 2022. On target for 4,000. FIFA must be proud.

Wed, 06/25/2014 - 13:42 | 4894187 kchrisc
kchrisc's picture

What's a "World Cup?!"

Wed, 06/25/2014 - 13:49 | 4894235 TalkToLind
TalkToLind's picture

The World Cup is basically Bread and Circuses on an international scale.  And don't worry, you're not missing much.  ;)

Wed, 06/25/2014 - 14:17 | 4894401 Matt
Matt's picture

It's like the World Series with futbol (soccer), except it actually includes the whole world.

Wed, 06/25/2014 - 13:44 | 4894204 magnumpk
magnumpk's picture

When The Who played Woodstock, they demanded to be paid their fee ($50,000) in cash.  The promoters had the cash helicpotered in and the show went on.  Back to soccer and weather forecasting, I mean economics.

Wed, 06/25/2014 - 15:12 | 4894663 edifice
edifice's picture

They were wise to request this. I can't tell you how many times I've been burned in this way.

Wed, 06/25/2014 - 13:46 | 4894217 Bunga Bunga
Bunga Bunga's picture

Cash in a plane, that's so 1900s.

Wed, 06/25/2014 - 19:14 | 4895689 RaceToTheBottom
RaceToTheBottom's picture

It is to be carried by Simon Black.

I am expecting the article shortly; Internet on planes and all

Wed, 06/25/2014 - 13:51 | 4894249 TalkToLind
TalkToLind's picture

Okay, they've got the right idea with "physical"...but fuck that paper fiat shit.  

Wed, 06/25/2014 - 14:05 | 4894320 mrpxsytin
mrpxsytin's picture

Anyone here silly enough to think the world cup isn't rigged?

Wed, 06/25/2014 - 14:17 | 4894397 esum
esum's picture

counterfeit 

Wed, 06/25/2014 - 14:19 | 4894411 Clowns on Acid
Clowns on Acid's picture

If Obama had a son....

Wed, 06/25/2014 - 15:41 | 4894787 Paulson Bazooka
Paulson Bazooka's picture

Hope they have better luck with that than the Germans did getting their gold back via airplane.

Wed, 06/25/2014 - 15:41 | 4894791 bluskyes
bluskyes's picture

Bernanke is posing as a pilot in Ghana?

Wed, 06/25/2014 - 19:15 | 4895695 RaceToTheBottom
RaceToTheBottom's picture

He only does Helicopters.

Wed, 06/25/2014 - 19:32 | 4895742 Bangin7GramRocks
Bangin7GramRocks's picture

They said million, not trillion. Ex-head Washington asshole Cantor spent that at steak houses. What a neomaxizoomdweebie!

Wed, 06/25/2014 - 16:06 | 4894938 Remington IV
Remington IV's picture

Pay these  NITWITS in bitcoins

Wed, 06/25/2014 - 16:53 | 4895166 Jerk_Store
Jerk_Store's picture

BLACK STARS?

That sounds rayciss.

Wed, 06/25/2014 - 16:53 | 4895167 Jerk_Store
Jerk_Store's picture

BLACK STARS?

That sounds rayciss.

Wed, 06/25/2014 - 18:24 | 4895498 Duc888
Duc888's picture

 

 

"Dollars"?

 

Oh my, well thats as  good as........................TP.

Wed, 06/25/2014 - 19:16 | 4895661 RaceToTheBottom
RaceToTheBottom's picture

I'm confused, are these guys Ghanaian or Austrian?

Wed, 06/25/2014 - 19:07 | 4895670 SmittyinLA
SmittyinLA's picture

Ghana players, smarter than 99% of US population that elected Obama, the got the loot up front, Obama was elected on a promise that he'll never keep.

On the flipside the hedge fund target investments, what a waste of capital to invest in BS gambling and not the underdeveloped Ghanan economy.

They could use some hydro-electric investment, mining investment, port investment, timber investment, they have wasted resources everywhere. 

Wed, 06/25/2014 - 19:17 | 4895702 Sun and Moon
Sun and Moon's picture

I cannot blame them in the least. Given the choice of cash (even FRN's) vs. money in a Ghanan bank, I'll take the cash, thank you.

Plus Ghana may have some laws requiring dollars coming in to the country to be sold to the Ghanan guv at a very unfavorable exchange rate in exchange for the local currency. And considering that the Ghanan currency has lost 70% of its value since 2008, it is not something I would want to hang on to.

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