What Went Wrong with the Accra Sky Train Project?
Godfred Yeboah Dame, Ghana’s Attorney General, has formally filed criminal charges against the former Ghana Infrastructure Investment Fund (GIIF) CEO, Solomon Asamoah and ex-board chairman Prof. Christopher Ameyaw-Akumfi for their roles in the controversial Accra Sky Train project, which allegedly cost the state $2 million without authorization.
The charges stem from their alleged role in causing a $2 million financial loss to the state through the failed Accra Sky Train project. JoyNews reported the development, highlighting the intentional dissipation of public funds in a deal that never took off.
The Sky Train project, initiated in 2019, aimed to build a modern transit system in Accra with five routes, starting at a terminal near Kwame Nkrumah Circle. GIIF paid $2 million to Africa Investor Holdings Limited for shares in a Special Purpose Vehicle (SPV) to develop the project. However, the Auditor General later flagged the payment as unapproved by the board, and the SPV reported the investment as a net liability by 2020, with no progress on the ground.
Further complicating matters, the SPV, Ai Sky Train Consortium Holdings, failed to secure the necessary ‘Aeromovel Technology’ license, and feasibility studies remain incomplete. The Auditor General warned that the $2 million could be unrecoverable without proper licensing and approvals, exposing significant oversight failures in the project’s execution.
This case adds to growing concerns over public fund mismanagement in Ghana. Recent scandals, like the National Service Scheme’s “ghost names” fraud and a cybersecurity deal where only $1.75 million of a $7 million contract reached the vendor, underscore systemic issues. The Attorney General’s action signals a push for accountability, but public trust in state institutions remains at risk.