Fidelity Bank Ghana Denies Allegations of GH¢3.6 Million Disappearance from KMA Project Fund

In response to recent allegations of a GH¢3.6 million disappearance from a project fund managed for the Kumasi Metropolitan Assembly (KMA), Fidelity Bank Ghana has vehemently denied any wrongdoing.

Initial reports had suggested concerns raised by the assembly over the missing amount, believed to be part of a GH¢8.6 million loan designated for the KMA-Krofrom Market Project redevelopment.

However, Fidelity Bank has issued a statement clarifying the situation. According to the bank, the entire GH¢8.6 million disbursed for Phase 1 of the project included both bank funds and the KMA's contribution.

The statement emphasized that there is "no missing or unaccounted-for amount of GH¢3.6 million," as indicated in the KMA's release. It outlined that the disbursed amount for Phase 1 comprised GH¢4 million from Fidelity Bank's approved facility of GH¢5 million and GH¢4.6 million from the KMA's own funds.

Fidelity Bank highlighted its commitment to transparency and integrity in all dealings. The bank asserted that it has maintained open communication channels with the KMA regarding the project fund, providing all necessary information and remaining open to further inquiries.

The bank reassured the KMA and the public of its full cooperation with any investigations to address the matter comprehensively, emphasizing its dedication to serving the best interests of Ghanaians, clients, and communities.

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