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It’s absolutely false – KMA clarifies report on missing GH¢3 million

 The Kumasi Metropolitan Assembly KMA has debunked embezzling some Gh¢3 million meant for the construction of the Kumasi Krofrom Market.

 KMA in a press release copied to OTEC News desk on Friday May 10, 2024 , said it has never reported or stated anywhere that there is a missing 3 million cedis from the project fund.

The letter signed by the Public Affairs Unit of the Assembly follows a publication by some media outlets that, a whooping 3 million cedis was missing from the project fund.

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.

The publication added that, assembly members called for thorough investigations into the project and find out where the missing money is.

Meanwhile the KMA in its release said the Assembly only agreed on 5 million cedis loan facility from the Fedelity Bank which the Assembly has fully payed back with interest

“Although the agreed loan was 5 million cedis, the bank disbursed , 8 million cedis after contractors raised certificate to that effect which was approved by KMA,”

The press release however stated that, all attempts by KMA to get the bank explain what went into disbursing the additional 3million cedis has been proven futile.

Source: Ghana/otecfmghana.com/Jacob Agyenim Boateng

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