The Sky Train project which received considerable media coverage during Nana Akufo-Addo’s regime has resurfaced. This time, a purported amount of 2million dollars assigned for the project cannot be traced (according to Ghana’s Attorney General and Minister for Justice).
Our investigation into the matter reveals the following facts.
1.The erstwhile Ministry of Railways Development has stated categorically that government did not allocate any funds for the Sky Train Project.
2. The Ministry managed to support the preparation of a 300 page PRE-FEASIBILITY report which was the basis for discussions with an investor group, Ai Sky Train Consortium ( a subsidiary of Africa Investor Consortium based in South Africa).
3. GIIF ( Ghana Infrastructural Investment Fund) was set up in 2014 to partner the Private Sector to promote infrastructural development. GIIF is mandated to invest in infrastructural projects through the granting of loans, acquisition of shares or both.
4. Resulting from discussions at International Fora in South Africa in 2018, GIIF led by the CEO Mr Solomon Asamoah expressed interest in acquiring equity shares in Ai Sky Train Consortium.
5. Ten (10) percent of the EQUITY SHARES in Ai Sky Train Consortium were acquired from Africa Investor Consortium with an amount of 2 million dollars in 2019.
6.This equity investment is fully documented, with a share certificate issued in the name of the Ghana Infrastructure Investment Fund, demonstrating a legitimate and transparent transaction.
7.According to the literature, an estimated cost for the 194km route stood at approximately 2 BILLION US DOLLARS. A feasibility study required not less than 5 million dollars. So the 2 million dollars could not have been for the building of a rail line.
8.This clarified the funds were used to purchase 10 percent shares in Ai Sky Train Consortium from Africa Investor Holdings.
9.There are internal audit reports that captures these shares as part of Ghana Infrastructure Investment Fund’s investment portfolio.
10.The 2021 Auditor General’s report also acknowledges that these shares were indeed purchased.
The records indicate that these shares were duly purchased with dividends accruing on these shares.
Authored by T. B Okyere Darko Adu.
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