Fidelity Bank has clarified 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 given by the Bank:

• 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 February 2021, Fidelity Bank disbursed GH¢4 million out of the GH¢5 million approved short-term facility to KMA. The Assembly (KMA) then utilized the facility of GH¢4 million together with their own funds of GH¢4.6 million to support payments to project contractors amounting to GH¢8.6 million under the first phase of the project.

• In December 2021, KMA paid off the total outstanding facility of GH¢4 million to Fidelity Bank.

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

• Fidelity Bank reiterates 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.