Fidelity Bank rejects “missing fund” claims in KMA-Krofrom Market Redevelopment Project

Fidelity Bank says their records does not indicate any “missing funds” regarding the redevelopment of the Krofrom Market Project, as stated by the Kumasi Metropolitan Assembly.

The Bank, in a statement copied to the Ghana News Agency, Sunday night, was to clarify the sources and disbursement of funds for the first phase of the project.

The statement is in response to claims that some GH¢3 million from the project fund was “unaccounted for”.

Fidelity Bank said the total cost of GH¢8.6 million for phase one of the project comprised a four-million-cedi loan approved for KMA and an additional GH¢4.6 million from the KMA’s “own resources.”

The four-million-cedi loan from Fidelity Bank had duly been paid off by KMA as of 2021, the statement said.

According to the Bank, the loan was approved out of a GH¢5 million short-term funding for the Market Redevelopment Project, which “was to be disbursed in phases based on the progress of work done.”

It explained: “The Assembly (KMA) then utilised the facility of GH¢4 million together with their own funds of GH¢4.6 million to support payments to project contractors amounting to GH¢8.6 million under the first phase of the project.

“The entire amount of GH¢8.6 million disbursed for Phase One of the project comprised GH¢4 million disbursed from Fidelity Bank’s approved facility of GH¢5 million and the KMA’s own funds of GH¢4.6 million disbursed from their contribution of GH¢5 million towards the project.

 “From the foregoing records of Fidelity Bank Ghana, there is no missing or unaccounted for amount of GH¢3.6 million as indicated in KMA’s release.”

Fidelity Bank said, “it has consistently maintained open communication channels with KMA regarding the project fund, exchanging letters and emails since April 5, 2023, to address inquiries and concerns.”

“We have provided all necessary information as of September 27, 2023, and remain open to further communication. All correspondence is on record,” it noted.

The Banks said it was “fully committed” to cooperating with any investigations or inquiries to address the matter “comprehensively.”

“Our priority remains upholding the highest standards of transparency, accountability, and integrity in all our dealings,” it added.

Source: GNA

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