$2m Sky Train fiasco: Ex-GIIF CEO granted GHS15m bail

An Accra High Court (Criminal Division) has granted GHS 15 million court bail to the former CEO of the Ghana Infrastructure Investment Fund, Solomon Asamoah, with two sureties to be justified.

The Attorney General’s Office formally charged Asamoah and ex-board chairman Prof. Christopher Ameyaw-Ekumfi today for their roles in the controversial Accra Sky Train project, which allegedly cost the state $2 million without authorisation.

Professor Ameyaw Ekumfi was indisposed, and his absence prompted the court to schedule May 20 for his plea to be taken.

The charges, filed today, include wilfully causing financial loss to the state under the Criminal Offences Act, conspiracy to commit a crime through intentional dissipation of public funds, and intentional dissipation of public funds under the Public Property Protection Decree.

Prosecutors allege that in February 2019, the accused authorized a $2 million payment from GIIF to Africa Investor Holdings Limited for preliminary work on the Sky Train project - a system that was never built. The payment was reportedly made without proper board approval.

The Sky Train project, initiated in 2018 as a public-private partnership for an urban rail system in Accra, involved a memorandum of understanding between the Ministry of Railways Development, Africa Investor Holdings, and GIIF. However, investigations revealed the $2 million disbursement lacked proper due diligence and violated GIIF's governance protocols.

Attorney General Dr. Dominic Ayine stated the accused acted outside their mandate, causing significant financial harm to the state. "The payment was unauthorized, and the project never materialized. This is a clear case of financial misconduct," the filing stated.

The case will proceed in the High Court, with the AG's office indicating some GIIF board members have agreed to testify as prosecution witnesses.

This prosecution forms part of the government's broader crackdown on financial malfeasance, following earlier warnings of pending charges in the Sky Train and National Service Scheme (NSS) ghost names scandals.

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