The High Court in Accra has fixed July 2, 2026 to deliver its ruling on the submission of “no case to answer” by lawyers for the two former officials of the Ghana Infrastructure Investment Fund (GIIF) over an alleged misappropriation of $2M for the Sky Train project.
The two – former Chief Executive Officer of GIIF, Solomon Asamoah, and its former Board Chairman, Prof. Ameyaw-Akumfi – have been charged and are facing trial for allegedly causing financial loss by disbursing $2 million for a Sky Train project without Board approval.
They have pleaded not guilty to a combined six counts, which include conspiracy, wilfully causing financial loss to the Republic, and intentional dissipation of public funds, and have been granted bail.
Following a submission of no case application filed by the accused persons after the close of the prosecution’s case and a subsequent reply filed by the Attorney General to that application, the High Court, presided over by Justice Audrey Kocuvie-Tay, has fixed July 2, 2026 to deliver her ruling.
The prosecution called Yaw Odame-Darkwa, a former Board Member of GIIF; Kofi Boakye, a lawyer and acting Board Secretary of GIIF; and Francis Aboagye, a Staff Officer at the National Intelligence Bureau who led the investigations, as the three witnesses.
All three witnesses testified variously to the effect that the Board did not approve the Sky Train project for which the accused persons allegedly disbursed $2 million.
Effect of submission of no case
Following a submission of no case application filed by the accused persons after the close of the prosecution’s case, the Court is to make a determination.
The effect of a submission of no case is that the Court is to determine, after the closure of the prosecution’s evidence, whether on the face of the evidence adduced by the prosecution witnesses, the threshold has been met for the accused persons to respond to the charges.
If the Court holds that the prosecution, through its three witnesses, has made no case against the accused persons, the trial will terminate and the accused persons will be acquitted and discharged.
However, if the Court holds the view that the prosecution, through its witnesses, has established a prima facie case, the accused persons will be called upon to mount the witness box and answer to the charges.
Brief facts
The 1st Accused Person, native of Suntresso in the Ashanti Region, is an investment professional. He was the Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF) between year 2017 and year 2024.
The 2nd Accused Person, native of Techiman in the Bono East Region, is a distinguished academic and politician. He was GIF’s governing board chairperson from 2017 to 2021
In August 2014, the Government enacted the Ghana Infrastructure Investment Fund Act, 2014 (Act 877), to establish the GIIF.
By the Act, the GIIF’s principal object is to mobilise and manage financial resources for accelerated national infrastructural development.
According to the Act, the GIIF is to manage the financial resources by investing in diversified portfolios of infrastructural projects.
The GIF’s funding may come from monies which the Government realises from Value Added Tax collections; from proceeds from the disposal of state-owned equity investments; from grants, donations, gifts and other voluntary contributions, among other sources.
Sometime in 2018, the erstwhile Ministry of Railways Development initiated
a programme to promote and facilitate commercially viable mass urban transport infrastructure projects in the country.
This programme was to be implemented by means of allocating concessionary rights to private sector investors to develop and operate urban transport services.
Consequently, in November 2018, the Ministry of Railways Development signed a memorandum of understanding with the Africa Investor Holdings (Proprietary) Limited, a limited liability company incorporated in the Republic of South Africa with registration number 2006/030908/07 and GIIF to build an urban rail transportation system in Accra.
The system was to be styled the “Accra SkyTrain”
The Accra SkyTrain project was to be constructed on a Design, Build, Finance, and Operate basis. In the memorandum of understanding, GIIF was to be the anchor equity investor and local project development partner to the Africa Investor Holdings (Proprietary) Limited. It was further agreed in the memorandum of understanding that GIIF would conduct due diligence anddevelop a bankable feasibility study on the project.
Subsequently, a shareholders’ agreement dated January 9, 2019, was signed between Africa Investor Holdings Limited, a company incorporated under the laws of the Seychelles with IBC registration number 172195, on one part, and the GIIF, on the other.
In the agreement, Africa Investor Holdings Limited was to transfer 10% of its alleged 100% shares in a company styled “Ai SkyTrain Consortium Holdings”, a limited liability company registered in Mauritius with registration number C118023762, to
GIIF.
The 1st Accused Person 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 Two Million United States dollars (US$2,000,000.00) as the pricefor the allegedshares.
On February 25, 2019, the 1st Accused Person and the 2nd Accused Person, jointly, in a letter with referencenumber GIIF/UBA/19/2/1, instructed theUnited Bank for Africa (GIIF’s bankers) to transfer Two Million United States of American dollars (US$2, 000, 000. 00 from GIIF Project Development Company accounts to the bank account of the Africa Investor Holdings Limited in Mauritius.
The payment was duly effected, after which nothing was heard, said or done
by GIIF or its governing board on the alleged share acquisition. Nothing was ever said orheard of the US$ 2,000,000.00 either.
In addition to the due diligence requirements which are contained in the memorandum of understanding as the GIIF’s obligations, the GIF’s internal investment policy requires GIIF to, before embarking on any investment, follow an elaborate procedure for bankable feasibility studies and assurances.
These procedures include (but not limited to) a prior GIIF internal investment committee assessment, recommendations, and then, approval by GIIF’s governing board.
Investigations, however, reveal that no such due diligence procedures or processes were followed or engaged by GIIF prior to parting with the US$ 2,000,000.00.
Further investigations reveal that no board approval was sought or obtained for the share acquisition or the US$ 2,000,000.00 payment.
In his police investigation caution statement, the 1st Accused Person claims that he sought or obtained the approval of the GIIF governing board in respect of the share acquisition and the US$ 2,000,000.00 payment.
This claim was, however, refuted by each of the other members of the governing board in their respective police investigation caution statements.
Further investigation reveal that no board minutes or company records supports the claim by the 1st Accused.
On his part, the 2nd Accused insisted in his police investigation caution statement that he signed the bank funds transfer instruction on the recommendation of the 1st Accused Person. Neither the 1st Accused Person, nor the 2nd Accused Person has been able to account for the US$2,000,000.00.
Source: Starrfm.com.gh
