GIIF Boss Slapped with GH¢15m Bail Over SkyTrain Scandal

The Criminal Division '4' of the High Court in Accra has granted bail to Solomon Asamoah. He is the former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF). The bail amount is set at GH¢15 million. This decision relates to his alleged role in a US$2 million financial loss to the state.

Justice Comfort Kwasiwor Tasiame presided over the case. The court ordered that two sureties must justify the bail. These sureties need to present title deeds for properties located in Accra.

Asamoah must also surrender his Ghanaian and British passports to the court's registry. He is required to report to investigators three times a week: on Mondays, Wednesdays, and Fridays.

The charges against him involve payments made in 2019. These payments were made to Africa Investor Holdings Limited for the Accra SkyTrain project. This light rail urban transport initiative was never executed.

Asamoah pleaded not guilty to all six counts against him. These include conspiracy, causing financial loss, and intentional dissipation of public funds. All charges are contrary to the Criminal Offences Act, 1960 (Act 29) and the Public Property Protection Decree, 1977 (SMCD 140).

Prof. Christopher Ameyaw-Akumfi, former Board Chairman of GIIF, is also on trial. His plea was deferred because he is out of the country for medical care after surgery. The court has rescheduled his plea taking for May 20, 2025.

Deputy Attorney-General Dr. Justice Srem-Sai presented facts about the case. He stated that under Asamoah and Ameyaw-Akumfi's leadership, GIIF authorized a US$2 million disbursement without proper approvals or due diligence.

The funds were meant for feasibility studies and project preparation but yielded no results since the railway system was never built. The Accra SkyTrain project was part of a government initiative launched in 2018 by the Ministry of Railways Development.

This initiative aimed to promote public-private partnerships in mass urban transportation. The deal included a shareholders’ agreement between GIIF and Africa Investor Holdings, promising GIIF a 10% equity stake in the prospective operating entity.

Investigations revealed no substantial progress on this project despite significant financial commitment from GIIF.

In their bail application, defense lawyers argued that Mr. Asamoah poses no flight risk. They noted he returned voluntarily to Ghana to cooperate with investigators and had previously complied with bail terms.

They also mentioned that he is the primary caregiver for his bedridden mother who is 90 years old. The Deputy Attorney-General did not oppose bail but urged conditions reflecting the seriousness of alleged financial loss.