Former Public Procument Authority Boad Chairman Professor Christopher Ameyaw-Akumfi
The Former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi, was detained by the National Intelligence Bureau (NIB) on Sunday, February 23, 2025, over his alleged involvement in the failed $3 billion Accra Sky Train project.
According to a 3News report citing sources with knowledge of the matter, Prof. Ameyaw-Akumfi was taken into custody on the morning of Sunday, February 23, 2025, for allegedly authorizing the release of $2 million to Africa Investor Holdings, the company behind the project.
The report mentioned that the payment was made before feasibility studies were conducted and remains unaccounted for, with no refunds made to the state.
The Accra Sky Train project was first announced by then-President Nana Akufo-Addo as a game-changer in Ghana’s urban transportation landscape.
However, the $3 billion initiative soon faced serious scrutiny due to financial mismanagement and a lack of due diligence.
In July 2023, the Minority in Parliament demanded explanations regarding the $2 million payment to Africa Investor Holdings.
Member of Parliament for Adaklu, Governs Kwame Agbodza, speaking to the media, questioned the legitimacy of the transaction, stating, “The Government of Ghana facilitated an investor from South Africa to establish a Special Purpose Vehicle in Mauritius. Before even conducting feasibility studies, $2 million was transferred to this entity. Who approved this payment?”
Meanwhile, a 2021 Auditor-General’s report later classified the investment as a net liability, indicating that the funds were effectively lost.
Furthermore, the Ai Sky Train Consortium Holdings, the Special Purpose Vehicle (SPV) created for the project, lacked the necessary operational licenses to execute the initiative.
MA
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