The former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah, has insisted that the release of US$2 million for the Accra Sky Train Project was duly approved by the GIIF board.
Speaking through his lawyer, Victoria Barth, Mr Asamoah told the Criminal Division of the High Court in Accra on Thursday that the funds were requested from the Ministry of Railways Development after receiving board approval, with GIIF expected to serve as the anchor investor in return for a 10 per cent stake in the project.
The court, presided over by Her Ladyship Justice Audrey Kocuvie-Tay, was hearing cross-examination of the second prosecution witness (PW2), Yaw Odame-Darkwa, a former GIIF board member.
Counsel for Mr Asamoah drew the court’s attention to minutes of a GIIF board meeting held on October 24, 2018, tendered as Exhibit 4. Referring to item 7.0 of the minutes, which continues on page 8, Ms Barth asked the witness to confirm whether the board approved an investment of US$2 million in the Accra Sky Train Project upon a request from the Ministry of Railways, with GIIF as anchor investor.
“Yes, my Lady,” Mr Odame-Darkwa responded.
Ms Barth further pointed to item 7.1 of the same exhibit, which stated that a memorandum of understanding (MoU) was to be executed in South Africa, and suggested that Mr Asamoah’s trip to South Africa to sign the MoU followed that approval.
While admitting knowledge of the trip, the witness disputed that the board minutes constituted approval for the project.
He told the court that the Sky Train Project was still at the Investment Committee (IC) stage and had not gone through the full approval processes required under GIIF procedures.
According to him, projects must pass through management review, presentation to the Investment Committee, recommendations to the board, and extensive due diligence—including technical, financial, legal and environmental assessments—before final approval and any disbursement of funds.
“So if you look at the sequence of events, this minute cannot be the approval for this project,” Mr Odame-Darkwa told the court.
However, under further cross-examination, the witness confirmed the existence of Investment Committee meetings on July 31 and September 28, 2018, during which the Sky Train Project was discussed.
An email dated October 22, 2018, tendered as Exhibit 24, indicated that documents approved by the Investment Committee at its September 28 meeting—including the Sky Train Project (described as a project development contribution)—were circulated ahead of the October 24 board meeting for ratification.
Mr Odame-Darkwa acknowledged receiving the email, confirmed that he was a member of the Investment Committee at the time, and admitted attending the October 24, 2018 board meeting where the Sky Train Project was discussed as part of the Finance and Investment Committee’s report.
He also confirmed that no objection was raised at the meeting to the Chief Executive Officer presenting the committee’s report, despite his view that such reports should ordinarily be presented by the committee chairman or a nominated non-executive member.
The trial, in which Solomon Asamoah is the first accused (A1), continues on January 19, 2026.
The prosecution team is led by Sefa Batse, while Ms Barth represents Mr Asamoah and Yaw Acheampong Boafo appears for the second accused (A2).
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