In response to recent claims made by the Kumasi Metropolitan Assembly regarding the redevelopment of the Krofrom Market Project, Fidelity Bank has issued a statement to clarify the sources and disbursement of funds for the first phase of the project.
According to Fidelity Bank, their records do not indicate any "missing funds" in relation to the project as stated by the Kumasi Metropolitan Assembly. The bank clarified that the total cost of 8.6 million cedis for phase one of the project comprised a four-million-cedi loan approved for KMA and an additional 4.6 million cedis from KMA's "own resources."
Furthermore, Fidelity Bank stated that the four-million-cedi loan had been duly paid off by KMA as of 2021. The loan was approved out of a GHS 5 million short-term funding for the Market Redevelopment Project and was to be disbursed in phases based on the progress of work done.
The bank explained that the KMA utilized the facility of GHS 4 million together with their own funds of GHS 4.6 million to support payments to project contractors amounting to GHS 8.6 million under the first phase of the project. Fidelity Bank emphasized that there is no missing or unaccounted for amount of GHS 3.6 million as indicated in KMA's release, based on their records.
Furthermore, Fidelity Bank highlighted that they have consistently maintained open communication channels with KMA regarding the project fund, exchanging letters and emails since April 5, 2023, to address inquiries and concerns. They have provided all necessary information as of September 27, 2023, and remain open to further communication, with all correspondence being on record.
The bank also expressed its full commitment to cooperating with any investigations or inquiries to comprehensively address the matter. Fidelity Bank emphasized that their priority remains upholding the highest standards of transparency, accountability, and integrity in all their dealings.
In conclusion, Fidelity Bank's statement provides a detailed account of the sources and disbursement of funds for the Krofrom Market Project, aiming to address any concerns or inquiries regarding the project's finances. The bank's commitment to transparency and cooperation in resolving this matter is evident in their communication with the public and relevant authorities.
-source GNA | curated by Aisha Yakubu | GhanaCrimes
