Former Board Chair of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi, could not be present in court on Tuesday, May 20, 2025, due to ill health challenges, but has assured he will be present on Monday May 26, 2025 on the adjourned date for the trial over the controversial $2 million Sky Train project.
His lawyer, Duke Aaron Sasu, told the court that Prof. Ameyaw-Akumfi had to be rushed to the hospital in the early hours of the Tuesday morning he was scheduled for court. A medical emergency, counsel explained, had once again kept his client from taking his place in the dock.
Duke Aaron Sasu Esq. pleaded for the court’s understanding, assuring that Prof. Ameyaw-Akumfi would be well enough to appear by Monday.
Presiding judge, Justice Comfort Kwasiwor Tasiame, however did not hide her unease over the development. She voiced concern over the timing of these health crises, which coincide with scheduled court appearances.
Despite the judge’s concerns, the Court granted the adjournment and rescheduled the hearing for May 26, 2025, at 10:00 in the forenoon.
Meanwhile, the first accused person in the case, Solomon Asamoah, a former CEO of GIIF, remains in police custody after failing to meet the bail conditions set at the last hearing.
Solomon Asamoah had been granted bail in the sum of GH¢15 million with two sureties who were required to justify the bail with registered land in Ghana. When the case was called, Asamoah was escorted into the courtroom by police officers, and sources confirmed that he had not yet fulfilled the bail requirements.
Asamoah and Prof. Ameyaw-Akumfi are facing charges of causing financial loss to the State and the intentional squandering of public funds.
According to reports, the prosecution, led by Deputy Attorney-General Dr. Justice Srem-Sai, alleges that the two authorised the transfer of $2 million in public funds from GIIF’s account to Africa Investor Holdings Limited, a company incorporated in South Africa.
According to the prosecution, this transfer was made in connection with the proposed Accra Sky Train project. GIIF was expected to serve as the local partner and main equity investor.
The arrangement was formalised in a memorandum of understanding, which required GIIF to carry out a detailed feasibility study and obtain full board approval before making any financial commitments.
Dr. Srem-Sai told the court that a shareholders’ agreement was signed on January 9, 2019, in which Africa Investor Holdings agreed to transfer 10 per cent of its alleged 100 per cent shares in a company styled “Ai SkyTrain Consortium Holdings”, a limited liability company registered in Mauritius, to GIIF.
Asamoah, according to the prosecution, signed the shareholders’ agreement on behalf of GIIF.
A few weeks later, on February 4, 2019, Ai SkyTrain Consortium Holdings, citing the shareholders’ agreement as a basis, wrote a letter in which it made a request for a payment of the lump-sum of $2 million as the price for the alleged shares.
According to Dr. Srem-Sai, he told the court that on February 25, 2019, Asamoah and Prof. Ameyaw-Akumfi jointly, in a letter, instructed the United Bank for Africa (GIIF’s bankers) to transfer $2 million from GIIF Project Development Company accounts to the bank account of the Africa Investor Holdings Limited in Mauritius.
He added that the payment was made, but no work ever began on the Sky Train project, and there was no further communication or documentation from GIIF regarding the acquisition of shares. Investigations showed that GIIF’s required internal investment procedures, including board approval were completely bypassed.
“The payment was duly effected, after which nothing was heard, said or done by GIIF or its governing board on the alleged share acquisition. Nothing was ever said or heard of the $2 million either,” Dr Srem-Sai said.
In police statements, Prof. Ameyaw-Akumfi claimed he signed the payment instruction based on Asamoah’s recommendation. However, neither of them has been able to account for the money since it was transferred. Other members of the GIIF governing board also denied knowledge of any approval for the payment.
“No board minutes or company records support the claim by Asamoah,” Dr. Srem-Sai said.
The state has promised to closely monitor Prof. Ameyaw-Akumfi’s health claims, as it considers its next legal steps. The case has been adjourned to Monday, May 26, 2025.
