$2M Sky Train case: Court to give ruling on Submission of no case July 2

The fate of two former officials of the Ghana Infrastructure Investment Fund in the $2 million Sky Train case will be decided on July 2, 2026, when the High Court rules on whether they have a case to answer.

The accused persons are former GIIF Chief Executive Officer Solomon Asamoah and former Board Chairman Prof. Christopher Ameyaw-Akumfi.

They are standing trial over the alleged release of $2 million in connection with the proposed Accra Sky Train project.

Both men have pleaded not guilty to six charges, including conspiracy, wilfully causing financial loss to the Republic and intentional dissipation of public funds.

They have been granted bail.

After the prosecution closed its case, lawyers for the two accused persons filed a submission of no case.

They are asking the court to hold that the prosecution has not led enough evidence to require them to open their defence.

The Attorney-General has since filed a response opposing the application.

Justice Audrey Kocuvie-Tay has now fixed July 2, 2026, to deliver her ruling.

The prosecution called three witnesses during the trial.

They were former GIIF Board Member Yaw Odame-Darkwa, acting Board Secretary Kofi Boakye, and National Intelligence Bureau officer Francis Aboagye, who led the investigations.

Their evidence centred on whether the GIIF Board approved the transaction before the $2 million was transferred.

The prosecution’s case is that no board approval was obtained before the money was disbursed.

It also contends that required internal due diligence and investment procedures were not followed before the payment was made.

The case relates to the Accra Sky Train project, which was conceived as an urban rail transport system to be developed on a design, build, finance and operate basis.

The prosecution says the Ministry of Railways Development signed a memorandum of understanding in November 2018 with Africa Investor Holdings and GIIF for the proposed project.

Under that arrangement, GIIF was expected to act as anchor equity investor and local project development partner.

A shareholders’ agreement was later signed on January 9, 2019, under which GIIF was to acquire 10 per cent shares in Ai SkyTrain Consortium Holdings.

The State says Mr Asamoah signed the shareholders’ agreement on behalf of GIIF.

A few weeks later, Ai SkyTrain Consortium Holdings requested payment of $2 million as the price for the shares.

Prosecutors say on February 25, 2019, Mr Asamoah and Prof. Ameyaw-Akumfi jointly instructed United Bank for Africa to transfer $2 million from GIIF’s Project Development Company account to Africa Investor Holdings Limited in Mauritius.

The prosecution alleges that after the payment was made, nothing further was done in relation to the alleged share acquisition.

It says investigations found no board minutes or company records showing approval for the transaction.

The State further alleges that GIIF’s internal investment rules required proper feasibility studies, investment committee assessment, recommendations and board approval before such an investment could be made.

According to the prosecution, those steps were not followed.

Mr Asamoah is said to have claimed in his caution statement that board approval was obtained.

The prosecution, however, says other board members denied that claim in their respective statements.

Prof. Ameyaw-Akumfi is alleged to have stated that he signed the funds transfer instruction on the recommendation of Mr Asamoah.

The court’s July 2 ruling will determine the next stage of the trial.

If the no case submission succeeds, the two accused persons will be acquitted and discharged without being required to open their defence.

If the court finds that the prosecution has established a prima facie case, they will be called upon to answer the charges.