Edward Nana Yaw Koranteng, an officer of the National Intelligence Bureau (NIB) in his witness statement in the 2m Sky Train case has blown an alarm on the former CEO of the Ghana Infrastructure Investment Fund (GIIF) Solomon Asamoah and then board chairman, Prof. Ameyaw Akumfi.
According to the witness statement, Edward Nana Yaw Koranteng accused Solomon Asamoah and Prof Ameyaw Akumfi of approving a $2 million payment without board approval.
Edward Nana Yaw Koranteng who is now the current CEO of GIIF revealed the documents he reviewed after assuming office indicated that although the GIIF board had initially approved an in-principle support no final investment decision had been formally endorsed on the Sky Train project.
“The payment of USD2 million was executed without board approval, and no effort was made to recover the funds despite a breach in the condition precedent,” the witness statement read.
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.
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.
