As a Ghanaian and a Bleeobi, I have nothing but respect, admiration, and appreciation for Asamoah Gyan for his generosity and civic responsibility to fund the Accra Academy Sports Centre (Shieeeeee, Astro Turf and things). To make lasting impact, however, his donation must outlive him. Will it?
One Friday afternoon about three months ago, the security guard at a friend’s office reminded me that “it’s Friday.” I asked Twitter and Facebook if there was something special that Friday. The answer: noko fioo (something small). Other security guards and police officers have reminded me at various times that “it’s Saturday,” “it’s Sunday,” “it’s Sallah,” “it’s Christmas,” “it’s cold,” “it’s hot.” The best I’ve heard is “today be today.” Well, since every day is a today, I’m on a daily reminder.
So they lie when they say Africans don’t give to charity. I give to charity every “today.” You go to your village, you give. You go to a funeral on Saturday, you give. Church on Sunday, you reaaaally give. So we do have a giving culture; we just don’t have an institutional giving culture. But we’re developing it. And we should do it right.
Soon after the ground was broken on the construction of the Astro Turf, I was on Accra Aca campus for unrelated business. I hadn’t known about the project at that time, so I started asking questions, including about whether the school had the resources to maintain the facility.
Think about it: After spending a reported $250,000 on this center, how will it be maintained? It costs money, you know. Let’s say GH¢50,000 a year. Does Accra Aca have 50 grand to spend on—let’s be honest—a football park while it’s labs and libraries lack? I doubt it. Does Gyan have this money? Very likely. But will he always have this money, even when he’s, hopefully, old and grey? I hope so. Will the money keep giving even after his inevitable death?
If Accra Aca’s administrators and Gyan’s financial advisors haven’t thought through these questions, then they’re preparing to go the way of the Ghana government, you know, the Presidency (Have you seen the grass in front of Jubilee House?), of the Ministries buildings (Have you seen the missing louvres?), of the Metro Mass buses (Have you seen them lately?), of the Ayalolo buses (Have you seen them already?). If he doesn’t finance the turf’s maintenance, Jet is just spraying cash on the floor.
But it need not be so. Imagine if he had donated another, say, GH¢500,000 for maintenance in the form of an endowment. Even with a modest return of 15% per annum, that’s GH¢75,000 in Year One. If you use 50,000 of that for maintenance, that leaves 525,000 to reinvest for the next year for a return of 78,500, which then leaves you with GH¢553,500 principal to reinvest the next year and so on, year after year, in perpetuity. In effect, with professional investment and disciplined spending based on clear rules, the money will keep giving money and the centre will keep running forever. It’s almost like sakawa.
That’s the way the Rockefeller Foundations of the world do it and some reaches all of us. Starting with a reported $50 million endowment in 1913, the Foundation claims to have maintained the real value of the endowment, now some $4 billion, while giving away $17 billion over a century.
That’s the way Harvards do it. You may have heard of the university’s $37 billion endowment. That’s $37 billion. One school. Simply put, this is money that has been donated to the school over time by various benefactors. This money is professionally invested by a corporation set up for this specific purpose and a portion of the proceeds distributed each year to help fund the school’s operations. Even at 2% annual return, that’s getting to a billion dollars to spend. When you factor in new donations, the Harvards and Stanfords may never have to worry about money.
Accra Aca shouldn’t have to worry about money for maintenance of the centre either, ever, even after this illustrious son is long gone. I read that the Minister for Youth and Sports charged the contractors to provide the school with a maintenance manual. I hope they put some money in the middle of the manual just like police officers like it. It’s quite a burden to go back to Gyan to endow the centre too but it’s in his interest too if he wants the centre and his gift to live on. Chances are, even if he doesn’t endow it, the school will come running back to him in a few years anyway because “this is broken” and “that has faded” and “the rain did this” and “the sun did that.” Endowing the centre takes away such pressure.
But Gyan doesn’t have to shoulder the burden alone. I’m confident other alumni would be happy to chip in their bit. In no time, our returns would be enough to equip more than a sports center. A lab, perhaps. Libraries. Scholarships. Dormitories. Etc. We may not catch up with Yale’s $25 billion soon, but we sure can take care of our school and prepare our students to go to Yale.
Once again, much respect to you, Braa Jet. You’ve made your money honestly, and you’ve spent it civically. I hope you live forever. Seriously.
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