KMA debunks alleged missing GH¢3 million

The Kumasi Metropolitan Assembly (KMA) says GH¢3 million is not missing from its coffers or any project fund. In response to media reports that a whopping GH¢3 million is missing from project fund, the Public Relations Unit of the Assembly last Friday clarified that KMA has not reported any such amount as missing.

It was reported in an Accra based newspaper last Friday that GH¢3 million was missing from the Krofrom Redevelopment project fund and that Assembly members had called for a probe, but the KMA in a statement said there is no such issue.

The KMA also stated that it has not opened any project account for the Krofrom Market project.

The statement, however, explained that sometime in 2020 the General Assembly approved a loan facility of GH¢5 million from the Fidelity Bank for the continuation of the Krofrom Market complex project.

As a result, Fidelity Bank disbursed an amount of GH¢8,622,347.56 to the contractors, based on certificates raised upon the instructions of the Assembly and that, the GH¢5 million facilities received from the Bank had been fully repaid, with interest charged by the bank.

According to the statement, all attempts by the Assembly to get Fidelity Bank to explain or account for the additional GH¢3,622,347.56 added to the GH¢5 million applied for have not yielded any results.

The KMA, however, stated that Fidelity Bank never charged any interest on the additional GH¢3,622,347.56.


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