Former GIIF CEO, Prof Akumfi charged over $2 million botched Sky Train deal

The Attorney-General’s Office has charged two former officials. They are Solomon Asamoah, the former CEO of the Ghana Infrastructure Investment Fund (GIIF), and Prof Christopher Ameyaw-Akumfi, the former Board Chairman. The charges relate to the Accra Sky Train project. This project cost the state $2 million but produced no results.

The charges were filed today at the High Court (Criminal Division). They include willfully causing financial loss to the state and conspiracy to commit a crime. The accused also face charges for intentionally misusing public funds. These actions violate Ghana’s Criminal Offences Act and Public Property Protection Decree.

Prosecutors claim that in February 2019, the accused authorized a $2 million payment. This payment was made from GIIF to Africa Investor Holdings Limited for preliminary work on the Sky Train initiative. However, this disbursement allegedly occurred without necessary board approval, and the project was never executed.

The Sky Train project began in 2018 as a Public-Private Partnership. It involved the Ministry of Railways Development, GIIF, and Africa Investor Holdings. The project aimed to address transport challenges in Accra but faced significant governance issues.

Attorney-General Dr. Dominic Ayine stated that the officials acted beyond their legal authority. Their actions caused substantial financial loss to the state. “The payment was unauthorized, and the project never materialized,” he noted.

The High Court will hear this case soon. Some members of the GIIF board have agreed to testify as witnesses for the prosecution.