The Kumasi Metropolitan Assembly (KMA) has raised concerns over a payment of GHC3.6 million made by Fidelity Bank to a contractor for the Krofrom Market project.

The Assembly's attention was drawn to this issue following a newspaper publication on the front page of the Ghanaian Times.

Contrary to reports suggesting that there is a missing GHC3 million from the project fund, the KMA clarified that in 2020, the General Assembly approved a loan facility of GHC5 million from Fidelity Bank for the continuation of the Krofrom Market project.

The bank disbursed an amount of GHC8,622,347.56 to the contractors based on certificates raised by them and on the instructions of the Assembly.

The KMA further explained that the GHC5 million facility from Fidelity Bank has been fully paid, including the interest charged by the bank.

However, the Assembly expressed concern over the additional GHC3,622,347.56 added to the original loan amount by Fidelity Bank. Despite several attempts to seek clarification and accountability from the bank, no satisfactory explanation has been provided.

It is important to note that Fidelity Bank did not charge interest on the additional GHC3,662,347.56.