In a significant development in Ghana’s infrastructure sector, Solomon Asamoah, former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), has been granted bail amounting to GH₵15 million by the Accra High Court. This follows charges related to the unauthorized transfer of $2 million from GIIF accounts to Africa Investor Holdings Limited for the proposed Accra Sky Train project, which never materialized.
The court stipulated that Asamoah must provide two sureties, both justified with landed property in Accra, and surrender his local and foreign passports. Additionally, he is required to report to the case investigator every Monday, Wednesday, and Friday.
The second accused, Professor Christopher Ameyaw-Akumfi, former Board Chairman of GIIF, was absent from the court proceedings due to undergoing surgery. His plea has been deferred, and the case has been adjourned to May 20, 2025.
Prosecutors allege that in February 2019, Asamoah and Ameyaw-Akumfi authorized a $2 million payment from GIIF to Africa Investor Holdings Limited without proper board approval. The funds were intended for preliminary work on the Sky Train project, a public-private partnership aimed at developing an urban rail system in Accra. However, investigations revealed that the payment lacked due diligence and violated GIIF’s governance protocols.
The Attorney General’s office has indicated that some GIIF board members have agreed to testify as prosecution witnesses. This case forms part of the government’s broader efforts to address financial malfeasance in public projects.
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