The former Board Chair of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi, has been charged with conspiracy to commit a crime—specifically, wilfully causing financial loss to the Republic.
The charges, brought under Section 23(1) and Section 179A(3)(a) of the Criminal Offences Act, 1960 (Act 29), stem from a $2 million payment made in 2019 to Africa Investor Holdings Limited for the development of an urban Sky Train system in Accra—a project that was never executed.
Court documents reveal that the funds were disbursed in February 2019 without the requisite board approval for either the share acquisition or the payment itself.
The money, which belonged to the GIIF, is considered a public asset, and its unauthorized release has triggered criminal proceedings.
Investigators say the decision to disburse the $2 million violated proper procedure. Professor Ameyaw-Akumfi, named as the second accused in the case, is said to have informed investigators in his caution statement that he approved the transfer based on a recommendation by the first accused, Solomon Asamoah, then Chief Executive of the GIIF.
However, neither of the two accused has been able to account for the missing funds.
Professor Ameyaw-Akumfi was recently arrested in connection with the failed Sky Train contract.
The Sky Train project was envisioned as an elevated light rail transport system aimed at reducing traffic congestion in Accra and other major cities.
It was to be implemented through a partnership between the Government of Ghana and South Africa-based Africa Investment (PTY) Limited, which was expected to provide financing, technology, and infrastructure support.
The project, however, never materialised, despite the significant upfront payment made by the Ghanaian government.
CNR