In a recent development concerning the continuation of the abandoned Krofrom Market project, the Finance Director for Kumasi Metropolitan Assembly (KMA), David Abbam Adjei, has raised serious concerns regarding the handling of a five million Ghana cedis loan by Fidelity Bank. The loan was intended to facilitate the project initiated by former President John Agyekum Kufour’s administration.
Adjei has alleged that Fidelity Bank violated the terms of their agreement with KMA. According to the agreement, KMA was supposed to request a GHS 5 million loan from Fidelity Bank, and if approved, the bank would pay the money directly into KMA’s account. Subsequently, KMA would disburse the funds as needed for the project.
However, Adjei revealed that the former Chief Executive of KMA instructed Fidelity Bank to pay an additional GHS 3 million directly to the contractor, contrary to the terms of the agreement. This action was not in line with the agreed-upon procedure, as the funds were meant to be disbursed by KMA, not directly to the contractors.
Furthermore, Adjei emphasized that Fidelity Bank opened an account for KMA without the consent of the Finance Director and Coordinating Director, who are the designated signatories for KMA’s financial services. As a result, neither Adjei nor the Coordinating Director were signatories to the account opened by Fidelity Bank.
These revelations raise serious questions about the handling of the loan and the adherence to the agreed-upon terms between KMA and Fidelity Bank. The direct disbursement of funds to the contractors and the unauthorized opening of an account by Fidelity Bank have sparked concerns about transparency and proper financial procedures.
It is imperative that an investigation be conducted to address these allegations and ensure that proper protocols are followed in future financial transactions. The integrity of the agreement between KMA and Fidelity Bank must be upheld, and any discrepancies must be rectified to safeguard the interests of all parties involved in such crucial financial arrangements.
-source Starrfm | curated by Tetteh Belinda | GhanaCrimes
