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

The Criminal Division ‘4’ of the High Court in Accra has granted bail in the sum of GH¢15 million to Solomon Asamoah, former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), over his alleged role in a US$2 million financial loss to the state.

Presided over by Justice Comfort Kwasiwor Tasiame, the court ordered that the bail be justified by two sureties who must present title deeds to immovable properties situated within Accra.

In addition, Asamoah was directed to surrender both his Ghanaian and British passports to the court’s registry and report to investigators three times a week—specifically on Mondays, Wednesdays, and Fridays.

The charges stem from payments made in 2019 to Africa Investor Holdings Limited for the proposed development of the Accra SkyTrain project, a light rail urban transport initiative that was never executed.

The pleaded not guilty to the charges to all six counts, including conspiracy to commit a crime, wilfully causing financial loss to the Republic, and intentional dissipation of public funds, all contrary to the Criminal Offences Act, 1960 (Act 29), and the Public Property Protection Decree, 1977 (SMCD 140).

Also standing trial is Prof. Christopher Ameyaw-Akumfi, former Board Chairman of GIIF.

However, his plea was deferred as he is currently out of the country receiving medical care following surgery. The court has adjourned his plea taking to May 20, 2025.

According to the facts presented by the Deputy Attorney-General, Dr. Justice Srem-Sai, the GIIF, under the leadership of Asamoah and Ameyaw-Akumfi, authorised the disbursement of US$2 million to Africa Investor Holdings for the SkyTrain project without the requisite approvals or due diligence.

The Deputy A-G claims that the funds, which were to support feasibility studies and project preparation, yielded no results as the urban railway system was never built.

The Accra SkyTrain project was part of a broader government initiative launched in 2018 under the Ministry of Railways Development to promote public-private partnerships in mass urban transportation.

The controversial deal included a shareholders’ agreement between GIIF and Africa Investor Holdings, a company registered in the Seychelles, promising 10% equity for GIIF in the prospective operating entity.

Investigations revealed, however, that no substantial progress was made, and the project never materialised despite the significant financial commitment.

In their bail application, defence lawyers argued that Mr. Asamoah was not a flight risk, noting that he had voluntarily returned to Ghana to cooperate with investigators, and had previously been granted bail without violating its terms.

They also informed the court that he is the primary caregiver for his 90-year-old, bedridden mother.

Deputy Attorney-General did not oppose the bail in principle but urged the court to impose conditions commensurate with the seriousness of the alleged financial loss.

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