An Accra: High Court has admitted Professor Christopher Ameyaw-Akumfi, a former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), to a bail sum of GHS10 million with two sureties.
According to Ghana News Agency, one of the sureties, Kennedy Agyapong, must justify the bail with landed property based in Greater Accra. The accused is required to deposit his passport and all other travel documents with the court and report to the investigator once every week. The case has been adjourned to June 10, 2025.
Prof. Ameyaw-Akumfi pleaded not guilty to charges of willfully causing financial loss to the state, intentional dissipation of public funds, and conspiracy to commit a crime. His plea was entered on Monday, May 26, after he missed two previous court appearances due to reported medical emergencies.
Prof. Ameyaw-Akumfi is standing trial alongside Solomon Asamoah, a former CEO of GIIF, who has been charged with willfully causing financial loss to the state, intentional dissipation of public funds, and conspiracy to commit a crime. The charges were filed under Section 23(1) and Section 179A(3)(a) of the Criminal Offences Act, 1960 (Act 29), relating to a two-million-dollar payment made in 2019 to the Bank Account of Africa Investor Holdings Limited in Mauritius.
Mr. Asamoah has been granted a GHS15 million bail with two sureties, all to be justified with a registered land or property located in the Greater Accra Region. The sureties are to deposit copies of their Ghana cards and digital addresses at the Registry of the Court. He is to deposit his two passports (Ghana and United Kingdom) at the Registry and report to the Police every Monday, Wednesday, and Friday until the determination of the case.
The disputed amount was intended for feasibility studies for the development of an urban sky train system in Accra, a project that was never initiated. The State claims the payment was made in February 2019 without the necessary board approval for either the share acquisition or the disbursement of the funds. Investigations revealed that the decision to release the funds was made without due process.
Prof. Ameyaw-Akumfi reportedly told investigators during his caution statement that he authorized the transfer based on a recommendation from the former Chief Executive Officer. However, the accused persons have not been able to account for the missing two million dollars.
The Accra SkyTrain project was a proposed elevated light rail system aimed at reducing traffic congestion and air pollution in Accra, Ghana’s capital. In 2018, the Government signed a Memorandum of Understanding with AiSky Train Consortium of South Africa. After a feasibility study was completed, in November 2019, the parties signed a build-operate-transfer concession agreement. The company was to develop the system at an estimated cost of $2.6 billion with a capacity of 10,000 passengers per hour per direction. It had a scope of 194 km, 5 lines (4 radial, 1 loop) with Aeromovel (fully automated, elevated), but it encountered significant hurdles, though specific details are not provided.