Sam Pyne, KMA boss
Sam Pyne, KMA boss

The Kumasi Metropolitan Assembly(KMA) has debunked reports over a missing GH¢3 million meant for a project.

The Ghanaian Times reported that, at the 9th General Meeting of the KMA on May 8,  assembly members learnt over a GH¢5 million loan proposed to be secured in the 2021/22 financial year for the Krofrom market redevelopment was increased to GH¢8 million.

However, only GH¢4.8 million out of the amount had been spent on the market project, with no record of the disbursement of the GH¢3 million.

They therefore demanded a thorough investigation on the whereabout of the money.

However, in a statement, the KMA has said it has never reported or stated anywhere that there is a missing GH¢3 million from any project fund.

“Sometime in the year 2020, the General Assembly approved a loan facility of GH¢5Million from Fidelity Bank for the continuation of the Krofrom Market.

“Fidelity Bank disbursed an amount of GH¢8,622,347.56 to the contractors based on certificates raised by the contractors and on the instructions of the Assembly,” the statement read in parts.

The statement added that, GH¢5 million facility from Fidelity Bank has been fully paid for by the Assembly together with interest charged by the Bank.

‘All attempts by the Assembly to get Fidelity Bank to explain and or account for the additional GH¢3,622,347.56 it added to the GH¢5Million the Assembly applied for have proven futile.

“The Bank (Fidelity) never charged interest on the additional GH¢3,662,347.56. The Kumasi Metropolitan Assembly has not opened any project account for the Krofrom Market Project,” the statement added.

Below is the statement:

ALSO READ: