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

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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.

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Gold Board CEO Sammy Gyamfi Sues Afia Schwarzenegger for Defamation

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Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has filed a defamation lawsuit against media personality Valentina Nana Agyeiwaa, popularly known as Afia Schwarzenegger. The case has been lodged at the High Court in Accra.

 

According to court documents, Gyamfi alleges that Afia Schwarzenegger—who currently resides in the Bronx, New York—made and published defamatory statements that have severely damaged his reputation. The suit claims that these remarks portrayed Gyamfi as morally corrupt and lacking integrity.

 

The writ states that the statements, made in the Asante Twi language and widely shared on social media, included false accusations about Gyamfi’s personal life, including his marital status and alleged inability to support a woman named Vida. The comments also allegedly targeted his wife’s sister.

 

Gyamfi contends that the statements were made with full awareness of their falsehood and with reckless disregard for the truth. As a result, he says he has faced a barrage of phone calls, public embarrassment, and uncomfortable questions from political figures and other prominent individuals.

 

Describing Afia Schwarzenegger’s actions as malicious, Gyamfi is seeking several legal remedies. These include general damages, aggravated and exemplary damages, a perpetual injunction to prevent further defamatory publications, and a public apology to be published in multiple media outlets. He is also requesting that the court award legal costs, including his lawyer’s fees.

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PAC Chair Demands Urgent Probe into GH¢138.91 Billion Public Debt Overstatement

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Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei-Asare, has described the GH¢138.91 billion overstatement in Ghana’s 2024 public debt as revealed by the Auditor-General as a serious error that demands immediate investigation.

 

According to the 2024 Audit Report, while the Controller and Accountant-General (CAG) reported Ghana’s total public debt as GH¢876.01 billion, the Ministry of Finance recorded a significantly lower figure of GH¢737.17 billion. This discrepancy exposes an overstatement of GH¢138.91 billion in the Whole of Government Accounts (WGA) submitted by the CAG.

 

In a Facebook post, Ms. Osei-Asare, who also serves as the Member of Parliament for Atiwa East, stressed that such a substantial misstatement is more than just a clerical error. She said it highlights troubling gaps in internal controls, data consistency, and coordination among key financial management institutions.

 

“This is no ordinary mistake,” she stated. “The responsibility for preparing the Government of Ghana’s accounts lies solely with the Controller and Accountant-General. A misstatement of this magnitude raises important questions about internal controls, data harmonisation, and institutional coordination within our public financial management framework.”

 

Citing the Auditor-General’s own recommendations, she emphasized the need for urgent reforms and improved collaboration between the Controller and Accountant-General’s Department, the Ministry of Finance, and other relevant bodies to enhance the accuracy and integrity of national financial reporting.

 

Ms. Osei-Asare assured that the PAC will launch a thorough probe into the matter, engaging all institutions involved to uncover the root cause of the discrepancy and ensure full implementation of the Auditor-General’s proposed measures.

 

“This is about protecting the integrity of our public financial systems and rebuilding public trust. We must demand precision — not approximation — in our national accounts,” she stated, reaffirming the Committee’s commitment to accountability, transparency, and value for money in the use of public funds.

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Ablekuma North MP Ewurabena Aubynn Joins Ghana Shippers Authority Board

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Member of Parliament for Ablekuma North, Ewurabena Aubynn, has been officially sworn in as a member of the Governing Board of the Ghana Shippers Authority.

 

Her appointment follows a historic electoral victory, where she became the second National Democratic Congress (NDC) candidate to win the Ablekuma North seat since 1992. She secured the position during a highly competitive rerun on Friday, July 11, 2025.

 

As a first-time legislator, Aubynn brings a strong background in community service and social impact to the Board. She is well known for her grassroots engagement and philanthropic efforts, particularly through the Awula Foundation—a nonprofit she established in February 2023.

 

The Foundation has played a significant role in supporting vulnerable groups across the Ablekuma North Constituency, reinforcing her commitment to social development.

 

Her addition to the Ghana Shippers Authority Board is expected to deepen community-level engagement and influence inclusive policymaking in Ghana’s trade and logistics sector.

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