Court grants GH¢10 million bail to former GIIF board chair over $2m Sky Train scandal

Professor Christopher Ameyaw-Akumfi, former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), has been granted bail. An Accra High Court set the bail at GH¢10 million.

The bail requires two sureties. They must provide landed property in Greater Accra.

Prof. Ameyaw-Akumfi must also deposit his passport and travel documents with the court. He is required to report weekly to the lead investigator.

The trial is now scheduled for June 10, 2025, at 9:00 a.m.

Prof. Ameyaw-Akumfi pleaded not guilty to several charges. These include causing financial loss to the state and conspiracy to commit a crime.

His plea was entered on May 26 after missing two court dates due to medical emergencies.

He is on trial with Solomon Asamoah, former CEO of GIIF. They face charges related to a $2 million transfer to Africa Investor Holdings.

This money was intended for a proposed Sky Train project.

Prosecutors claim the transfer lacked proper authorization and due diligence. They argue this breach caused significant financial loss.

Both defendants deny any wrongdoing and plan a strong defense as the case proceeds.