Former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Akumfi, has been detained by the National Intelligence Bureau (NIB) over his alleged role in the botched $3 billion Accra Sky Train project.
According to 3News sources, Prof. Ameyaw-Akumfi was picked up on Sunday, February 23, 2025, morning for allegedly authorizing the release of $2 million to Africa Investor Holdings, the company behind the project.
Reports suggest the payment was made before feasibility studies were conducted, and the funds have yet to be refunded to the state.
Background of the Sky Train Controversy
The $3 billion Accra Sky Train project, announced in 2017 by President Nana Akufo-Addo, was meant to revolutionize urban transportation in Ghana. However, the initiative quickly became controversial due to financial mismanagement and lack of due diligence.
In July 2023, the Minority in Parliament demanded answers from the government regarding the $2 million payment made to Africa Investor Holdings.
According to the 2021 Auditor-General’s report, the Ai Sky Train Consortium Holdings, the Special Purpose Vehicle (SPV) set up for the project, did not have the required operational license to carry out the initiative.
Addressing the press, Adaklu MP Kwame Agbodza criticized the transaction:
“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 Auditor-General’s report later classified the investment as a net liability, effectively meaning the state had lost money on the project.
Prof. Ameyaw-Akumfi’s detention follows ongoing investigations into financial mismanagement at GIIF.
His legal team is actively working to secure his release, but it remains unclear when he will be freed. NIB officials describe the detention as part of a routine investigative process.