Solomon Asamoah, the former Chief Executive Officer (CEO) of Ghana Infrastructure Investment Fund (GIIF) has been released on bail after he was arrested on Tuesday, May 13, 2025.
The former CEO’s bail was granted after he was arraigned before the High Court in Accra on May 13, 2025, after the Attorney General filed charges against him and Prof Christopher Ameyaw-Ekumfi.
Solomon Asamoah was granted bail to the sum of GH¢15 million but failed to meet his bail conditions.
The information gathered now reveals Solomon Asamoah has now been released on bail after satisfying all the bail conditions in the $2 million Sky Train case.
The Office of the Attorney General filed charges against the former Board Chair of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi and Solomon Asamoah.
According to reports the charges brought under Section 23(1) and Section 179A(3)(a) of the Criminal Offences Act, 1960 (Act 29), indicate 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.
The court documents suggest the funds were disbursed in February 2019 without the necessary board approval for either the share acquisition or the payment itself it unauthorized release has triggered criminal proceedings.
The $2 million violated proper procedure, Professor Ameyaw-Akumfi has been named as the second accused in the case informed investigators in his caution statement that he only approved the transfer based on a recommendation by the first accused, Solomon Asamoah, then Chief Executive of the GIIF.
Neither Professor Ameyaw-Akumfi nor Solomon Asamoah have been able to account for the missing funds.
Prof Christopher Ameyaw-Akumfi was taken into custody at Kawukudi, near Nima in the Greater Accra Region but was later released on bail.
The NIB detained Prof Christopher Ameyaw-Akumfi after he was allegedly fingered in the failed $3 billion Accra Sky Train project.
The AG while briefing the media at a recent press briefing stated, “In respect of the Skytrain matter, we have completed investigations and will be filing charges hopefully next week. We have established that the two million United States dollars (US$2,000,000.00) paid by the Ghana Infrastructure Investment Fund was paid without board approval.
“The only persons who knew and acted on the payment were the former CEO, Mr Solomon Asamoah, and the former Board Chairman, Professor Ameyaw-Ekumfi. Both will be charged next week. Some of the board members have offered to testify as witnesses for the prosecution and I am considering their offers”.
Meanwhile, A 2021 Auditor-General’s report, revealed that the Special Purpose Vehicle set up for the Sky Train project did not have an operational license, yet $2M was disbursed through GIIF under Prof Christopher Ameyaw-Akumfi’s leadership.
The project was announced in 2017 and aimed at transforming Ghana’s urban transport in Accra but never saw the light of day after the $ 2 million payment.
See the post below:
Former CEO of Ghana Infrastructure Investment Fund, Solomon Asamoah released on bail in the $2M Sky Train case…#GHOneNews #EIBNetwork #GHOneTV #NewsAlert pic.twitter.com/2LVRWVB9Wg
— GHOne TV (@ghonetv) June 4, 2025
