Fidelity Bank has provided clarification regarding the Krofrom Market Redevelopment Project following a press release issued by the Kumasi Metropolitan Assembly (KMA) on May 10, 2024.
The bank has outlined the following facts:
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- In November 2020, the KMA transferred GHS 5 million as advance mobilization into the KMA-Krofrom Market Redevelopment project account at Fidelity Bank. These initial funds were from KMA’s own resources.
- In December 2020, at KMA’s request, Fidelity Bank approved a GHS 5 million short-term loan facility for the project, to be disbursed based on the progress of work done.
- In February 2021, Fidelity Bank disbursed GHS 4 million from the approved facility to KMA. KMA then utilized this and their own funds of GHS 4.6 million to support payments to project contractors totaling GHS 8.6 million under the first phase of the project.
- In December 2021, KMA fully repaid the outstanding facility of GHS 4 million to Fidelity Bank.
- Fidelity Bank asserts that there is no missing or unaccounted for amount of GHS 3.6 million as indicated in KMA’s release. The GHS 8.6 million disbursed for Phase 1 comprised GHS 4 million from the approved facility and GHS 4.6 million from KMA’s contribution towards the project.
Fidelity Bank also confirms that it has maintained open communication with KMA regarding the project fund, exchanging letters and emails since April 5, 2023.
They have provided all necessary information as of September 27, 2023, and remain open to further communication, with all correspondence on record.