Prof. Ameyaw-Akumfi arrested over $2M Sky Train scandal
Professor Christopher Ameyaw-Akumfi, the former board chairman of the Ghana Infrastructure Investment Fund (GIIF), has been arrested by the National Intelligence Bureau (NIB) over his involvement in the $3 billion Accra Sky Train project’s failure.
According to 3News sources, Prof. Ameyaw-Akumfi was arrested early on Sunday, February 23, 2025, for allegedly approving the transfer of $2 million to the project’s sponsor, Africa Investor Holdings.
According to reports, the money was paid before feasibility studies were carried out, and the state has not yet received a reimbursement.
President Nana Akufo-Addo unveiled the $3 billion Accra Sky Train project in 2017, which was intended to transform Ghana’s metropolitan transportation system.
However, the initiative’s lack of due diligence and poor financial management soon made it unpopular.
The administration was questioned by the Minority in Parliament in July 2023 about the $2 million payment to Africa Investor Holdings.
The Ai Sky Train Consortium Holdings, the Special Purpose Vehicle (SPV) established for the project, lacked the necessary operating license to execute the initiative, according to the 2021 Auditor-General’s report.
Kwame Agbodza, Adaklu MP, spoke to the media and denounced the deal:
“The Government of Ghana encouraged an investor from South Africa to set up a Special Purpose Vehicle in Mauritius. Before feasibility studies even began, $2 million was paid to this entity. Who authorized this payment?“
The investment was later categorized as a net liability in the Auditor-General’s report, which essentially meant that the state had suffered a financial loss on the project.
The arrest of Prof. Ameyaw-Akumfi comes after continuing inquiries into GIIF’s financial malfeasance.
Although his legal team is making every effort to secure his release, the exact date of his release is yet unknown. The arrest, according to NIB authorities, is a standard investigative procedure.
