The former Chief Executive Officer of Ghana Infrastructural Investment Fund (GIIF), Solomon Asamoah and the erstwhile Board Chairman of the Fund, Prof. Christopher Ameyaw-Akumfi have been charged for their alleged involvement in the dissipation of state funds in the non-existent Accra Skytrain project.
The two have each been charged with three offences, including one count of conspiracy to commit crime, causing financial loss to the state and intentional dissipation of public fund.
Court documents indicate that the two individuals approved the transfer of $2 million from the account of GIIF into the bank account of Africa Investor Holdings Limited, a company incorporated in South Africa without board approval.
The documents further indicate that the two caused the transfer of the money into the accounts of the company in the name of acquiring shares in Africa Investor Holdings Limited on February 25, 2019, and nothing has since been heard, said or done by the GIIF or its governing board concerning the alleged share acquisition.
Solomon Asamoah, yesterday pleaded not guilty to the charges levelled against him and was admitted to a bail of GH¢15 million with two sureties who must be justified with landed property located in the Greater Accra Region.
The court, presided over by Justice Comfort Tasiame, ordered him to deposit his Ghana Card as well as his Ghanaian and British passports at the registry of the court.
He is also to report to the case investigator every Monday, Wednesday and Friday.
Meanwhile, the court has deferred the plea of Prof. Ameyaw-Akumfi, who the court heard was on admission at the University of Ghana Medical Centre.
His lawyer, Duke Aaron Sasu told the court that the case investigators are aware of his medical condition.
Deputy Attorney General, Dr. Justice Srem-Sai confirmed this and prayed the court to defer the taking of Prof. Ameyaw-Akumfi’s plea to a later date.
Justice Tasiame granted the request and adjourned the case to May 20, 2025, for the plea of the accused to be taken.
Meanwhile, the court has ordered the Office of the Attorney General to file its disclosures within 21 days.
Brief Facts
The prosecution’s brief facts indicates that sometime in 2018, the erstwhile Ministry of Railways Development initiated a programme to promote and facilitate commercially viable mass urban transport infrastructure projects in the country.
This programme was to be implemented by means of allocating concessionary rights to private sector investors to develop and operate urban transport services.
Consequently, in November 2018, the Ministry of Railways Development signed a memorandum of understanding with Africa Investor Holding Limited and GIIF to build an urban rail transportation system in Accra, which was to be styled ‘Accra Skytrain.’
The brief facts indicate that the Accra Skytrain project was to be constructed on a Design, Build, Finance, and Operate basis.
“In the memorandum of understanding, GIIF was to be the anchor equity investor and local project development partner to the Africa Investor Holdings (Proprietary) Limited. It was further agreed in the memorandum of understanding that GIIF would conduct due diligence and develop a bankable feasibility study on the project,” it added.
A shareholder agreement was subsequently signed on January 9, 2019 between GIIF and Africa Investor Holdings Limited where the latter was to transfer 10% of its alleged 100% shares in a company styled as ‘Ai Skytrain Consortium Holdings,’ a limited liability company registered in Mauritius.
Upon their arrest, Solomon Asamoah is said to have indicated in his cautioned statement that he obtained approval of GIIF board in respect of the payment, while Prof. Ameyaw-Akumfi told investigators he signed the funds transfer on the recommendation of Mr. Asamoah.
The fact added that neither of the accused persons have been able to account for the $2 million.
BY Gibril Abdul Razak