Fidelity Bank has issued a statement clarifying some aspects of a press release issued by the Kumasi Metropolitan Assembly (KMA) on Friday, 10 May 2024, regarding the Krofrom Market Redevelopment Project.

It clarified that in November 2020, KMA transferred an amount of GHS 5 million as advance mobilisation into the KMA-Krofrom Market Redevelopment project account held at Fidelity Bank.

Fidelity Bank said these initial funds were from KMA’s own resources.

In December 2020, at the request of KMA, Fidelity Bank said it 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 February 2021, Fidelity Bank said it disbursed GHS 4 million out of the GHS 5 million approved short-term facility to KMA.

The Assembly (KMA), the statement noted, “then utilised the facility of GHS 4 million together with their own funds of GHS 4.6 million to support payments to project contractors amounting to GHS 8.6 million under the first phase of the project”.

In December 2021, Fidelity Bank said KMA paid off the total outstanding facility of GHS 4 million to the bank.

“From the foregoing records of Fidelity Bank Ghana, there is no missing or unaccounted-for amount of GHS 3.6 million as indicated in KMA’s release. The entire amount of GHS 8.6 million disbursed for Phase 1 of the project comprised of GHS 4 million disbursed from Fidelity Bank’s approved facility of GHS 5 million and the KMA’s own funds of GHS 4.6 million disbursed from their contribution of GHS 5million towards the project”, the bank clarified.

Fidelity Bank reiterated that it has “consistently maintained open communication channels with KMA regarding the project fund, exchanging letters and emails since April 5, 2023, to address inquiries and concerns. We have provided all necessary information as of September 27, 2023, and remain open to further communication. All correspondence is on record”.

“We would like to assure KMA and the public that we are fully committed to cooperating with any investigations or inquiries to address this matter comprehensively. Our priority remains upholding the highest standards of transparency, accountability, and integrity in all our dealings”, he noted.

Fidelity Bank said it remains “steadfast in our commitment to serving the best interests of Ghanaians, our clients and the communities we operate in”.