\n
Lawyers representing Bright Simons, Vice President of IMANI Africa, have submitted a Right to Information (RTI) request under Act 989, seeking disclosure regarding the utilisation of GH\u00a23.6 million belonging to the Kumasi Metropolitan Assembly (KMA).<\/p>\n
The funds, held by Fidelity Bank Ghana, became the subject of controversy when the bank allegedly could not account for them. Reports suggest the KMA raised concerns about the sum, part of the GH\u00a28 million loan obtained from Fidelity Bank for the KMA-Krofrom Market Project redevelopment. Allegedly, only GH\u00a25 million was released for the project, leaving the remaining amount unaccounted for.<\/p>\n
Fidelity Bank refuted any wrongdoing, clarifying that the entire GH\u00a28.6 million disbursed for Phase 1 included GH\u00a24 million from their approved GH\u00a25 million facility and GH\u00a24.6 million from KMA\u2019s contribution.<\/p>\n
The bank clarified that in November 2020, KMA transferred an amount of GH\u00a25 million as advance mobilisation into the KMA-Krofrom Market Redevelopment project account held at Fidelity Bank.<\/p>\n
It said these initial funds were from KMA\u2019s own resources.<\/p>\n
In December 2020, at the request of KMA, Fidelity Bank said it approved a GH\u00a25 million short-term loan facility for the KMA-Krofrom Market Redevelopment project, which was to be disbursed in phases based on the progress of the work done.<\/p>\n
In February 2021, Fidelity Bank said it disbursed GH\u00a24 million out of the GH\u00a25 million approved short-term facility to KMA.<\/p>\n
The Assembly (KMA), in its statement, noted, \u201cthen utilised the facility of GH\u00a24 million together with their own funds of GH\u00a24.6 million to support payments to project contractors amounting to GH\u00a28.6 million under the first phase of the project.\u201d.<\/p>\n
In December 2021, Fidelity Bank said KMA paid off the total outstanding facility of GH\u00a24 million to the bank.<\/p>\n
\u201cFrom the foregoing records of Fidelity Bank Ghana, there is no missing or unaccounted-for amount of GH\u00a23.6 million, as indicated in KMA\u2019s release. The entire amount of GH\u00a28.6 million disbursed for Phase 1 of the project comprised of GH\u00a24 million disbursed from Fidelity Bank\u2019s approved facility of GH\u00a25 million and the KMA\u2019s own funds of GH\u00a24.6 million disbursed from their contribution of GH\u00a25 million towards the project\u201d, the bank clarified.<\/p>\n
Fidelity Bank reiterated that it has \u201cconsistently 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.\u201d<\/p>\n
\u201cWe would like to assure KMA and the public that we are fully committed to cooperating with any investigations or inquiries to address this matter comprehensively. Our priority remains upholding the highest standards of transparency, accountability, and integrity in all our dealings,\u201d he noted.<\/p>\n
The bank said it remains \u201csteadfast in our commitment to serving the best interests of Ghanaians, our clients, and the communities we operate in.\u201d<\/p>\n
However, Gratia Law Consult, representing Mr. Bright Simons, emphasised the need for transparency, requesting comprehensive details of the arrangements between Fidelity Bank and KMA to pursue public interest objectives.<\/p>\n
Gratia Law Consult, in their request, demanded \u201ca detailed and thorough understanding of these arrangements to assist his further factual deductions and to pursue his public interest objectives.\u201d<\/p>\n
The lawyers said, \u201cFor the avoidance of doubt, we believe, on careful consideration of the statute and the circumstances at hand, that Fidelity Bank, because of its dealings with KMA and other state-owned institutions, qualifies to be listed as a \u2018relevant private body\u2019 within the meaning of the term in Act 989 and, at any rate, is a quasi-public institution in view of its receipt of public resources through KMA and others.\u201d<\/p>\n
\u201cThere are, therefore, ample statutory and public policy grounds for the requested information to be disclosed in full, without exception or exemption, and without any regard to commercial secrecy.\u201d <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Lawyers representing Bright Simons, Vice President of IMANI Africa, have submitted a Right to Information (RTI) request under Act 989, seeking disclosure regarding the utilisation of GH\u00a23.6 million belonging to the Kumasi Metropolitan Assembly (KMA). The funds, held by Fidelity Bank Ghana, became the subject of controversy when the bank allegedly could not account for […]<\/p>\n","protected":false},"author":1,"featured_media":117881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-182516","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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