Fidelity Bank Ghana Refutes Allegations of GH¢3.6 Million Missing from KMA Project Fund

Fidelity Bank Ghana refutes allegations of GH¢3.6 million missing from KMA project fund. Stay informed on developments surrounding this financial controversy.
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Fidelity Bank Ghana refutes allegations of GH¢3.6 million missing from KMA project fund. Stay informed on developments surrounding this financial controversy.

Fidelity Bank Ghana refutes allegations of GH¢3.6 million missing from KMA project fund. Stay informed on developments surrounding this financial controversy.

In February 2021, Fidelity Bank provided GHS 4 million from the approved GHS 5 million short-term facility to KMA. Subsequently, KMA combined the GHS 4 million facility with their own GHS 4.6 million funds to make payments totaling GHS 8.6 million to project contractors during the initial phase of the project.

Initial reports suggested that the assembly had expressed concerns regarding the disappearance of an amount, believed to be part of a GH¢8.6 million loan for the KMA-Krofrom Market Project redevelopment.

However, Fidelity Bank clarified in a statement that no funds were missing. They explained that the entire GH¢8.6 million disbursed for Phase 1 included both bank funds and KMA’s contribution.

“The reported missing or unaccounted-for amount of GH¢3.6 million, as mentioned in KMA’s statement, does not exist. The total amount of GH¢8.6 million disbursed for Phase 1 of the project comprised GH¢4 million provided by Fidelity Bank from the approved GH¢5 million facility, and GH¢4.6 million from KMA’s own contribution of GH¢5 million towards the project,” the statement read.

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Read statement below

FIDELITY BANK GHANA LTD CLARIFIES ISSUES RAISED BY KMA REGARDING THE REDEVELOPMENT OF THE KMA-KROFROM MARKET PROJECT

Accra, May 11th, 2024 – Fidelity Bank would like to clarify some aspects of a press release issued by the Kumasi Metropolitan Assembly (KMA) on Friday, May 10, 2024, regarding the Krofrom Market Redevelopment Project. Below are the facts:

• In November 2020, KMA transferred an amount of GHS 5 million as advance mobilization into the KMA-Krofrom Market Redevelopment project account held at Fidelity Bank. Readers should kindly take note that these initial funds were from KMA’s own resources.

• In December 2020, at the request of KMA, Fidelity Bank approved a GHS 5 million short-term loan facility for the KMA-Krofrom Market Redevelopment project which was to be disbursed in phases based on the progress of work done.

• In December 2021, KMA fully repaid the outstanding facility of GHS 4 million to Fidelity Bank.

• Based on the documented records of Fidelity Bank Ghana, there is no missing or unaccounted for amount of GHS 3.6 million as stated in KMA’s release. The total GHS 8.6 million disbursed for Phase 1 of the project included GHS 4 million from Fidelity Bank’s approved facility of GHS 5 million and GHS 4.6 million from KMA’s own contribution of GHS 5 million towards the project.

• Fidelity Bank emphasizes its consistent efforts to maintain open communication channels with KMA regarding the project fund. Correspondence, including letters and emails, has been exchanged since April 5, 2023, to address inquiries and concerns. All necessary information was provided as of September 27, 2023, and the bank remains open to further communication. All correspondence is well-documented.

Fidelity Bank assures KMA and the public of its full commitment to cooperating with any investigations or inquiries to comprehensively address this matter. The bank’s priority is to ensure transparency and accountability throughout this process.

We want to reassure both KMA and the public of our complete dedication to collaborating with any investigations or inquiries aimed at thoroughly addressing this matter. Our foremost priority remains maintaining the highest standards of transparency, accountability, and integrity in all our transactions and interactions.

Fidelity Bank remains unwavering in our pledge to serve the best interests of Ghanaians, our clients, and the communities where we operate.

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