The former Board Chair of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi, is expected to appear before the High Court in Accra, later this month, to answer charges related to the alleged unlawful transfer and loss of $2 million in public funds, earmarked for the failed Accra SkyTrain project.
His co-accused, Solomon Asamoah, the former Chief Executive Officer of GIIF was present in court on Monday, May 13, 2025 where he pleaded not guilty to six counts, including wilfully causing financial loss to the Republic, intentional dissipation of public funds and conspiracy to commit a crime.
However, Prof. Ameyaw-Akumfi was absent, due to reported ill health and is currently outside the country recovering from surgery.
The court has scheduled May 29, 2025 for his plea to be taken. The Attorney General is, however, ready for plea bargaining if the accused persons are ready to do so.
According to the charge sheet, the two men are accused of jointly authorising the transfer of $2 million from GIIF to Africa Investor Holdings Limited in 2019 as part of a deal to construct an urban SkyTrain system in Accra.
The project never materialised and authorities say there is no trace of the money or the company.
Solomon Asamoah was granted bail of GH¢15 million with two sureties by Justice Comfort Kwasiwor Tasiame, presiding over the Criminal Division ‘4’ of the High Court.
The sureties are required to justify the bail with title deeds to properties located in Accra. Additionally, Solomon Asamoah must surrender both his Ghanaian and British passports to the court registry and report to investigators three times a week – on Mondays, Wednesdays and Fridays.
Counsel for the accused, Edem Nuhoho, argued for lenient bail terms, citing Solomon Asamoah’s cooperation with investigators and his role as the sole caregiver of his 90-year-old bedridden mother.
“The accused has demonstrated his willingness to cooperate, including holding a Zoom meeting with investigators while outside the jurisdiction and voluntarily returning to Ghana,” Nuhoho said.
However, the prosecution, led by the Deputy Attorney-General Dr Justice Srem-Sai raised concerns about the bail conditions in light of the magnitude of the funds involved, urging the court to require more substantial sureties.
He said Prof. Ameyaw-Akumfi, a veteran academic and politician, served as GIIF Board Chair from 2017 to 2021. Solomon Asamoah, an investment professional, led the GIIF as CEO from 2017 until 2024.
The GIIF, established under Act 877 in 2014, was created to mobilise and manage funds for infrastructure development in Ghana.
The court heard that the failed SkyTrain project was one of the flagship transport initiatives under the former Ministry of Railways Development which had signed a memorandum of understanding with Africa Investor Holdings in November 2018.
Despite the financial outlay, no SkyTrain infrastructure has been seen in Accra and the company which received the funds cannot be located.
The case resumes on May 29, 2025 when the court is expected to take Prof. Ameyaw-Akumfi’s plea.
The outcome could have significant implications for public accountability in the handling of national infrastructure funds.
Dr. Justice Srem-Sai, in an interview after the sitting, told journalists that the funds were moved abroad without authorisation and cannot be traced.
He stated that prosecution’s case is simply that the accused used taxpayers’ money for unauthorised purposes, adding “They cannot tell us where the money is or what it was used for,” he said.
The Deputy AG added that the State is open to plea bargain to retrieve the funds.
“We are open to any accused or suspect who is willing to return the money to the State for use in addressing developmental needs,” he stated.
The post $2m Skytrain Payment: Ayine Ready For Plea Bargain … As Prof Ameyaw Akumfi, Solomon Asamoah Are Charged appeared first on The Ghanaian Chronicle.
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