The former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah, was on Wednesday, May 8, granted bail to the sum of GH₵15 million with two sureties to be justified with landed property, following his arraignment over the controversial $2 million Sky Train payment.
Mr. Asamoah is facing six charges, including willfully causing financial loss to the state and intentional dissipation of public funds, after allegedly authorising the transfer of $2 million from GIIF accounts to Africa Investor Holdings Limited without board approval.
According to prosecutors, the payment was made for the design, construction, financing, and operation of a proposed Sky Train project, with the understanding that 10% of shares would be transferred to GIIF as a local equity partner—an agreement which was never fulfilled.
It is alleged that both Mr. Asamoah and the second accused, former GIIF Board Chair Prof. Christopher Ameyaw-Akumfi, failed to conduct proper due diligence or follow up to secure the agreed shares.
While Mr. Asamoah was present in court, Prof. Ameyaw-Akumfi was absent, reportedly recovering from surgery. Mr. Asamoah’s legal counsel requested bail on similar terms as previously granted by the police, which the court accepted.
The judge ruled that the accused must report to investigators three times a week. The case has been adjourned to May 20, 2025.
