‘We have not reported any missing GH¢3.6m from project fund’ – KMA

The Kumasi Metropolitan Assembly (KMA) has categorically stated in a press statement that it has not filed any complaint regarding missing money from its project fund.

The statement was issued in response to a publication by the Ghanaian Times newspaper on Friday, May 10, 2024, titled "Redevelopment of Krofrom market: GH¢3.6m missing from project fund."

To clarify the issue, the KMA explained that a loan facility approved by the General Assembly from Fidelity Bank for the continuation of the Krofrom market was paid in excess of GH¢3.6million.

"Sometime in the year 2020, the General Assembly approved a loan facility of GH¢5 million from Fidelity Bank for the continuation of the Krofrom market. Fidelity Bank disbursed an amount of GH¢8,622,347.56 to contractors based on certificates raised by the contractors and on the instructions of the Assembly," the statement read.

The Assembly also stated that it has fully paid the original amount of the loan requested from Fidelity Bank.

"The GH¢5 million facility from Fidelity Bank has been fully paid for by the Assembly, together with the interest charged by the Bank," the statement continued.

Furthermore, the Assembly mentioned that Fidelity Bank has failed to account for the additional GH¢3 million plus that was paid in addition to the GH¢5 million the Assembly had applied for.

EAN/ESA

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