"The US$2 million payment formed part of an intended investment in the Sky Train project, which was estimated to cost US$2.6 billion but investigations found no evidence that the GIIF Board authorised the transaction. Sky Train Scandal: Ex-CEO accused of secretly forming company to receive $2mHowever, he said the agreement was signed without technical, financial, legal or feasibility assessments, contrary to the GIIF investment policy, which requires comprehensive evaluation before any investment decision. Aboagye said further investigations showed that although a concession agreement for the Sky Train project was later signed, the project was contingent on a bankable feasibility study, which was never completed. The prosecution maintains that the payment of the US$2 million from GIIF funds was unlawful and done without the required authorisation. Prof Ameyaw-Ekumfi and Solomon Asamoah have both been charged for allegedly causing financial loss to the state in the two million dollar “Sky Train” project.

Source: GhanaWeb March 25, 2026 15:58 UTC