Professor Christopher Ameyaw-Akumfi, former Board Chair of the Ghana Infrastructure Investment Fund (GIIF), has been charged with conspiracy to commit a crime and wilfully causing financial loss to the state.
The charges, filed under Sections 23(1) and 179A(3)(a) of the Criminal Offences Act, 1960 (Act 29), relate to a controversial $2 million payment made to Africa Investor Holdings Limited in 2019 for a proposed Sky Train project in Accra that never materialised.
Court documents reveal that the funds were disbursed in February 2019 without the necessary board approvals, raising serious concerns about governance and financial oversight. Investigators argue that the payment, which drew from public funds, lacked both the required authorisation and proper financial justification, potentially violating multiple public finance regulations.
Professor Ameyaw-Akumfi, identified as the second accused in the case, reportedly told investigators in his caution statement that he approved the payment based on a recommendation from the first accused, Solomon Asamoah, the then Chief Executive Officer of GIIF. Despite this, neither Ameyaw-Akumfi nor Asamoah has been able to fully account for the missing $2 million, which was earmarked for equity participation in the Sky Train project.
The Sky Train initiative, conceived as a high-capacity urban transport system to alleviate severe traffic congestion in Accra, was to be developed through a partnership between the Ghanaian government and Africa Investment (PTY) Limited, a South African firm. The project promised advanced infrastructure, technology transfer, and significant economic benefits but failed to progress beyond the initial payment phase.
Critics have described the failed project as a cautionary tale of mismanagement and poor due diligence in Ghana’s public infrastructure investments. The case is expected to test the government’s commitment to holding public officials accountable for financial missteps and restoring confidence in the country’s investment strategies.
The court is set to hear the case in the coming weeks, with prosecutors expected to present evidence detailing how the payment was approved without proper oversight, potentially exposing the state to significant financial risk.
