The Attorney General and Minister of Justice, Dr Dominic Akuritinga Ayine, has disclosed that all other former board members of the Ghana Infrastructure Investment Fund (GIIF) have denied approving the $2 million payment for the failed Accra Sky Train project, for which former CEO Solomon Asamoah and former Board Chairman Professor Christopher Ameyaw-Akumfi face criminal charges.
The charges, filed on May 13, 2025, at the High Court in Accra, include conspiracy to commit a crime and willfully causing financial loss to the state.
The Attorney General, in his summary of facts, alleges that in February 2019, Asamoah and Ameyaw-Akumfi authorised a $2 million payment to Africa Investor Holdings Limited in Mauritius for 10% shares in Ai SkyTrain Consortium Holdings, a company linked to the unexecuted Sky Train project, without board approval or due diligence.
According to the Attorney General, investigations revealed no board minutes or records supporting Asamoah’s claim that he obtained governing board approval for the payment, with other board members refuting his assertion in their police statements.
“In his police investigation caution statement, the 1st Accused Person claims that he sought or obtained the approval of the GIIF governing board in respect of the share acquisition and the US$2,000,000.00 payment. This claim was, however, refuted by each of the other members of the governing board in their respective police investigation caution statements. Further investigation reveals that no board minutes or company records support the claim by the 1st Accused. On his part, the 2nd Accused insisted in his police investigation caution statement that he signed the bank funds transfer instruction on the recommendation of the 1st Accused Person. Neither the 1st Accused Person nor the 2nd Accused Person has been able to account for the US$2,000,000,” the Attorney General stated in his court filing.
Ameyaw-Akumfi, in his caution statement, insisted he signed the bank transfer instruction on Asamoah’s recommendation, but neither could account for the $2 million.
The Accra Sky Train project, initiated in 2018 under the Ministry of Railways Development, aimed to build a 194-kilometer urban rail system on a Design, Build, Finance, and Operate basis.
A 2019 shareholders’ agreement signed by Solomon Asamoah on behalf of GIIF designated the company as the anchor equity investor, but the project never materialised, and a 2021 Auditor-General’s report flagged the payment as a loss due to inconclusive feasibility studies.
Solomon Asamoah, an investment professional who served as GIIF CEO from 2017 to 2024, appeared at an Accra High Court on Tuesday, pleaded not guilty, and was granted GH₵15 million bail.
On the other hand, Professor Ameyaw-Akumfi, a distinguished academic and politician who chaired GIIF’s board from 2017 to 2021, was absent in court due to surgery, with his plea scheduled for May 20, 2025.
Discussion about this post