KMA accuses Fidelity Bank of violating the loan agreement

David Abbam Adjei, the Finance Director for the Kumasi Metropolitan Assembly (KMA), has accused Fidelity Bank of breaching their loan agreement terms.

This accusation arises amid controversies over the disappearance of GH¢3.6 million from a project fund.

According to Mr. Adjei, the GH₵ 5 million loan was intended to resume the stalled Krofrom Market project, which was initiated under the administration of John Agyekum Kufour.

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Mr. Adjei explained that the agreement specified the loan should be deposited directly into KMA’s account for subsequent disbursement.

However, he alleges that the former KMA boss, Osei Assibey Antwi, instructed Fidelity Bank via letter to pay an additional GH₵3 million directly to the contractor.

“We were asking for GH₵5 million, you open an account, you put the money in the account, and the money is disbursed. But the money was directly disbursed to the contractors, that’s not the normal thing,” he said on Kumasi-based Abusua FM.

The Finance Director also indicated the bank account was opened without his consent nor the  Coordinating Director, who are the signatories for financial services.

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“If you ask whether an account was opened, it was later we started our investigation became aware that an account was opened,” he added.

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