$2m Skytrain Scandal: Prof. Ameyaw-Akumfi Hospitalised, Ex-GIIF CEO Remains in Custody

Solomon Asamoah, the former CEO of the Ghana Infrastructure Investment Fund (GIIF), remains in police custody after failing to meet bail conditions set by the Accra High Court in a $2 million financial loss case related to the controversial Skytrain project.

Asamoah and Prof. Christopher Ameyaw-Akumfi, former GIIF Board Chair, are facing charges for allegedly authorizing the transfer of $2 million from GIIF’s account to Africa Investor Holdings Limited, a South Africa-registered company, without board approval. The funds were intended to purchase shares for the Skytrain project, but no follow-up actions were taken, and the investment yielded nothing.

At the first court hearing on May 13, 2025, Asamoah pleaded not guilty to six counts including conspiracy, willfully causing financial loss to the state, and misuse of public funds. Prof. Ameyaw-Akumfi was absent.

Presiding judge Justice Comfort Kwasiwor Tasiame granted Asamoah bail of GH¢15 million with two sureties, to be secured with registered land in Ghana. However, at the second hearing on May 20, he was still in custody and appeared in court under police escort. Sources confirmed he had not yet met the bail requirements.

Prof. Ameyaw-Akumfi missed the session again, reportedly due to medical reasons. His lawyer, Duke Aaron Sasu, told the court his client had been rushed to a hospital ward earlier that day and requested an adjournment, promising his client’s return by Monday.

The case has been adjourned to May 26, 2025.

Prosecution’s Case

Deputy Attorney-General Dr. Justice Srem-Sai outlined that the Accra Skytrain project was intended to be executed under a design, finance, build, and operate model. According to a Memorandum of Understanding (MoU), GIIF was to serve as the anchor equity investor and local development partner to Africa Investor Holdings (Pty) Ltd.

The MoU also stipulated that GIIF would conduct due diligence and prepare a bankable feasibility study.

On January 9, 2019, a shareholders’ agreement was signed between Africa Investor Holdings Ltd (registered in Seychelles) and GIIF. Under this deal, Africa Investor Holdings was to transfer 10% of its alleged 100% shares in Ai SkyTrain Consortium Holdings (a Mauritius-registered company) to GIIF.

Asamoah signed the agreement on behalf of GIIF. Weeks later, on February 4, 2019, Ai SkyTrain Consortium Holdings requested $2 million as payment for the shares, citing the agreement.

On February 25, 2019, both Asamoah and Prof. Ameyaw-Akumfi instructed United Bank for Africa to transfer $2 million from GIIF’s Project Development Company account to Africa Investor Holdings’ bank account in Mauritius.

The Deputy A-G said that following the payment, no further action was taken by GIIF or its board regarding the share acquisition, and the funds remain unaccounted for.

He added that GIIF’s internal policy required rigorous due diligence and board approval before such investments. However, investigations revealed that none of these procedures were followed, and no board approval was obtained.

Asamoah claimed in his police caution statement that he had board approval, but other board members denied this. Investigators found no board minutes or official records to support Asamoah’s claim.

Prof. Ameyaw-Akumfi, in his statement, said he signed the bank transfer based on Asamoah’s recommendation. Neither he nor Asamoah has been able to account for the missing $2 million.