The Kumasi Metropolitan Assembly (KMA) has reacted to media reports of the disappearance of a GH¢3 million from a loan intended for the Krofrom market project in Kumasi.
According to the assembly, it had never reported or stated anywhere that there was a missing GH¢3 million from any project fund.
A statement issued on Friday, May 10, and copied the Ghanaian Times by the Public Relations Unit of the KMA said the assembly took GH¢5 million loan from the Fidelity Bank for the continuation of the Krofrom market project.
The statement said that Fidelity Bank disbursed an amount of GH¢8,622, 347.56 to the contractors based on the certificates raised by the contractors and on the instructions from the assembly.
It said the GH¢5 million had been fully paid for by the assembly together with interest charged by the bank.
The KMA said attempts by the assembly to get the Fidelity Bank to explain and or account for the additional GH¢3,622,347.56 it added to the GH¢5 million the assembly applied for had proven futile.
It said the bank never charged interest on the additional GH¢3, 622,347.56, and the assembly had not opened any account for the Krofrom market.
The Ghanaian Times reported on Friday, May 10, 2024, that the assembly members raised a concern about the disappearance of the GH¢3 million and called for a probe into the matter.
FROM KINGSLEY E.HOPE, KUMASI
