Redevelopment of Krofrom market issue: Fidelity Bank sets record straight
Fidelity Bank Ghana Limited has refuted claims that GH¢3 million has disappeared or unaccounted for from a loan facility for the Krofrom Market Redevelopment Project in the Ashanti Region.
In a statement issued in Accra yesterday and copied the Ghanaian Times, the bank provided a detailed breakdown of funds disbursed and repaid in relation to the project to set the records straight.
The controversy erupted earlier this month after concerns were raised at an assembly meeting that some GH¢3 million from a loan for the project had disappeared, prompting calls from assembly members for investigations.
The bank recalled that in November 2020, the Kumasi Metropolitan Assembly (KMA) transferred GH¢5 million of its own funds into the project account at the bank as mobilisation.
According to the bank’s statement, the following month, December 2020, the bank approved a separate GH¢5 million short-term loan facility to be disbursed in phases to the Assembly based on progress of work done.
It said by February 2021, Fidelity Bank had disbursed GH¢4 million out of the approved GH¢5 million loan to the KMA for the project to continue as planned.
It said the assembly utilised this GH¢4 million, coupled with GH¢4.6 million of its own contribution, totalling GH¢8.6 million, to pay contractors for the first phase.
The bank maintained that the entire GH¢4 million loan was repaid by the KMA in December 2021, leaving no outstanding amounts.
“From our records, there is no missing or unaccounted for amount of GH¢3.6 million as indicated in KMA’s release,” the statement said.
Fidelity Bank said it has maintained open communication with the KMA since April 2023, providing necessary information as of September last year.
It reiterated its commitment to transparency and full cooperation with any investigation into the matter.
BY TIMES REPORTER
