Kofi Ahovi

  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 ...

  The country risks losing the US$2 million it invested in Ai Sky Train Consortium Limited, due to the inability of the company to secure licence for the ‘aeromovel technology’, required for the country’s sky train project, a report of the Auditor-General (A-G) for 2021 has revealed. The report noted that the investment was made through the Ghana Infrastructure Investment Fund (GIIF) despite the fact that the feasibility studies which would better inform the project economics and required approvals from Cabinet and Parliament were still not conclusive. The A-G has, therefore, urged management of the GIIF to continue to monitor the feasibility of the investment in the Special Purpose Vehicle (SPV) and make the necessary provisions based on the outcome of the feasibility studies. Africa Investor Holdings Limited incorporated a Special Purpose Vehicle (SPV) in December 2018 in the Republic of Mauritius for purposes of establishing Ghana Sky Train Limited to develop the Accra Sky Train...