$2m sky train scandal and NIB arrest of Prof. Ameyaw-Akumfi – All you must know

The arrest and detention of former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi, have reignited public interest in the controversial Sky Train scandal.

Reports indicate that personnel from the National Investigations Bureau (NIB) detained Prof. Ameyaw-Akumfi at his residence on Sunday, 23rd February 2025, as part of ongoing investigations into alleged financial impropriety at GIIF.

A key focus of the probe is the $3 billion Sky Train project and the payment of $2 million for a project that never materialised.

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Although he was released later the same day, his arrest has sparked widespread debate, with many questioning the circumstances surrounding the project and the alleged misuse of funds.

Background of the Sky Train Project

The Sky Train was proposed as an elevated air-propelled light rail system, using steel wheels and rails on an elevated track to reduce drag and optimise energy efficiency.

The project, championed by the former administration of President Nana Akufo-Addo, aimed to develop five routes, four of which were radial, originating from a proposed Sky Train terminal at Kwame Nkrumah Circle in Accra. The fifth route was intended to provide an intra-city commuter loop.

The total track length across all routes was expected to span 194 kilometres, promising to ease Accra’s growing traffic congestion and boost economic activities in the capital.

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The Sky Train Agreement

In November 2018, the government signed a Memorandum of Agreement (MoU) with the South African-based Africa Investment (Ai) SkyTrain Consortium for the construction of the Accra Sky Train Project.

The agreement was signed on the sidelines of the Africa Investment Forum in Johannesburg, South Africa, by then Railways Development Minister, Joe Ghartey.

Following the signing, President Akufo-Addo remarked:

It meets an important infrastructure need, and hopefully, today’s signing of the concession agreement means the project is now closer to completion. This is what we hope for, so that the people of Ghana can benefit from the relief that a modern commuter system will bring to Accra.

Doubts Over the Project

By November 2023, five years after the agreement was signed, the the new Minister for Railway Development, John Peter Amewu, expressed doubts about the government’s ability to construct the Sky Train.

Speaking on Citi TV, Amewu stated:

The Sky Train is supposed to run on elevated columns, similar to what you see in Dubai, but no agreement has been signed to that effect. It is not feasible at this time. I do not foresee any Sky Train being constructed in the next three to four years. It is simply not possible.

Auditor-General’s Findings

The Auditor-General’s report on Ghana’s public boards, corporations, and statutory institutions for the period ending 31st December 2021 revealed that $2 million had been paid in 2019 as a premium to acquire ordinary shares for the development of the Sky Train Project.

The report stated that Africa Investor Holdings Limited incorporated a Special Purpose Vehicle (SPV) in Mauritius to establish Ghana Sky Train Limited, intended to develop the project under a Design, Build, Finance, and Operate concession arrangement.

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The Auditor-General’s findings highlighted that:

GIIF paid $2 million on 25th February 2019 to Africa Investor Holdings Limited for 10 ordinary shares at $1.00 per share in Ai SkyTrain Consortium Holdings (the SPV). Thus, the premium paid for each share was $199,999. However, as of 31st December 2020, the SPV had reported a net liability.

Ai SkyTrain Consortium Holdings has yet to obtain the necessary licence for ‘Aeromovel Technology’ required for the Sky Train Project. Feasibility studies, which would determine the project’s economic viability and secure approvals from Ghana’s Cabinet and Parliament, are still ongoing.

If the Accra Sky Train Project fails to secure licensing and the necessary executive and parliamentary approvals, the investment in the SPV may not be recoverable.

Minority Demands Refund of $2 Million

Following the Auditor-General’s revelations, the Minority in Parliament called for a refund of the $2 million paid for the project.

Speaking to journalists in Parliament, then Minority Chief Whip, Governs Agbodza, argued:

“It was wrong to authorise that payment. Who sanctioned the $2 million for feasibility studies before the project’s bankability was even determined? These actions suggest reckless financial management and possibly organised financial misconduct. The least the Auditor-General can do is recommend a refund.”

Investigation and Detention of Prof. Ameyaw-Akumfi

As part of investigations into the financial dealings of GIIF during his tenure, Prof. Christopher Ameyaw-Akumfi, former Chairman of the Public Procurement Authority Board and ex-Board Chairman of GIIF, was detained by the NIB.

His lawyer, Ken Kuranchie, confirmed that Prof. Ameyaw-Akumfi was picked up from his residence on Sunday morning by NIB officials. However, he was released the same day.

While full details of the investigation remain undisclosed, Kuranchie has asserted his client’s innocence, dismissing claims of financial misconduct.

Conclusion

The Sky Train scandal remains a significant point of controversy, raising serious concerns about accountability in Ghana’s public sector. With investigations still ongoing, the public awaits further clarity on the fate of the $2 million investment and whether any individuals will be held accountable for the failed project.

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