The Sky Train Scandal

The Accra Sky Train plan was unveiled in November 2018 as a proposed elevated rail network for Accra under a nine-month agreement between the Ministry of Railways Development and Ai SkyTrain Consortium. The arrangement required feasibility studies and Cabinet and Parliamentary approval before construction, which was expected to start in January 2020.

An audit later found that Ghana’s financial exposure had already been created through the Ghana Infrastructure Investment Fund before these studies and approvals were completed. The report also revealed that the project company did not hold a licence for the Aeromovel rail technology, raising doubts about whether any investment could be recovered. Investigators flagged further concerns about governance and risk controls within the Fund, as well as the use of a Mauritius-registered special purpose company.

In February 2019, two million dollars was paid for shares, suggesting an unusually high premium and weak valuation checks. The company tied to the deal could not be verified as active, and the rail project was never carried out.

Prosecutors said a $2million transfer to Africa Investor Holdings Limited was made without proper board consent or due diligence, while key requirements remained unresolved. A former GIIF Board Chairman, Professor Christopher Ameyaw-Akumfi, and a former Chief Executive, Solomon Asamoah, were charged with causing financial loss to the state and with the misuse of public funds. They pleaded not guilty.