Kumasi Metropolitan Assembly denies reports of missing GH¢3 million project funds

The Kumasi Metropolitan Assembly (KMA) has refuted claims of a missing GH¢3 million allocated for a project, following reports by The Ghanaian Times.

According to The Ghanaian Times, assembly members discovered discrepancies in the allocation of funds during the 9th General Meeting of the KMA on May 8. It was revealed that a proposed GH¢5 million loan for the Krofrom

Read full articlemarket redevelopment in the 2021/22 financial year was increased to GH¢8 million. However, only GH¢4.8 million had been utilized for the market project, leaving the whereabouts of the remaining GH¢3 million unknown.

Assembly members called for a thorough investigation into the matter to determine the fate of the missing funds.

Contrary to these reports, the KMA released a statement denying any knowledge or declaration of a missing GH¢3 million from project funds. The statement clarified that in 2020, the General Assembly approved a GH¢5 million loan from Fidelity Bank for the Krofrom Market project. Fidelity Bank disbursed an amount of GH¢8,622,347.56 to the contractors based on certificates raised and Assembly instructions.

However, the KMA stated that despite repeated attempts, Fidelity Bank has failed to account for the additional GH¢3,622,347.56 added to the GH¢5 million loan. Furthermore, no interest was charged on the additional amount. The statement emphasized that the KMA had fully repaid the GH¢5 million facility, including interest, but the bank's response regarding the additional funds remains elusive. Additionally, the KMA clarified that no project account was opened specifically for the Krofrom Market Project.

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