Solomon Asamoah, the former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), remains in custody after failing to meet bail conditions set by the Accra High Court in an ongoing case involving the alleged wrongful transfer of $2 million linked to the Accra Skytrain project.
Asamoah, along with former GIIF Board Chair Prof. Christopher Ameyaw-Akumfi, is facing charges of causing financial loss to the state. The two are accused of authorising the transfer of $2 million from GIIF’s account to Africa Investor Holdings Limited, a South Africa-incorporated company, without board approval, ostensibly to acquire shares related to the Skytrain project—though no such acquisition materialised.
At the initial hearing on May 13, 2025, Asamoah pleaded not guilty to six counts including conspiracy, willfully causing financial loss to the state, and intentional dissipation of public funds. He was granted bail to the tune of GH¢15 million with two sureties, each backed by registered land in Ghana. However, when the case resumed on May 20, he appeared in court under police escort, having failed to meet those conditions.
Prof. Ameyaw-Akumfi was absent from the court for the second time, reportedly due to a medical emergency. His lawyer, Duke Aaron Sasu, informed the court that his client had been rushed to the hospital earlier in the day and requested an adjournment, assuring the court that Prof. Ameyaw-Akumfi would be discharged by Monday.
The case has been adjourned to May 26, 2025.
Prosecution’s Case
Deputy Attorney-General Dr Justice Srem-Sai, presenting the prosecution’s facts, stated that the Accra Skytrain project was to follow a design, finance, build, and operate model. Under a Memorandum of Understanding (MoU), GIIF was designated as the anchor equity investor and local development partner of Africa Investor Holdings (Proprietary) Limited.
Despite clear provisions in the MoU for due diligence and feasibility studies, the prosecution says GIIF failed to conduct any such processes. A shareholders’ agreement signed in January 2019 granted GIIF a 10% stake in Ai SkyTrain Consortium Holdings, a company registered in Mauritius and allegedly owned by Africa Investor Holdings.
According to the prosecution, Asamoah and Prof. Ameyaw-Akumfi jointly instructed United Bank for Africa (UBA) to transfer $2 million to Africa Investor Holdings on February 25, 2019. This action, the prosecution maintains, was carried out without any board approval or completion of mandatory due diligence.
Dr Srem-Sai noted that after the funds were transferred, no further steps were taken by GIIF or its board concerning the share acquisition. He added that Asamoah’s claim of board approval was contradicted by other board members and unsupported by any meeting minutes or official records.
Prof. Ameyaw-Akumfi, in his caution statement, claimed he signed the transfer instruction based on Asamoah’s recommendation. Neither he nor Asamoah has been able to account for the $2 million, according to the Deputy Attorney-General.
The case continues to draw public and political attention, given its implications for transparency and accountability in government infrastructure deals.
