Accra: Mr Kofi Boakye, Second Prosecution Witness in the Skytrain trial, says the Ghana Infrastructure Investment Fund (GIIF) Board did not grant final approval for the project.
According to Ghana News Agency, Mr Boakye informed the court that while the Board had shown intent to participate, there were no investment committee recommendations or final Board approval secured for the SkyTrain project. His statement came during cross-examination by Mrs Victoria Barth in the trial of Prof Ameyaw-Akumfi, former Board Chairman of GIIF, and Mr Solomon Asamoah, former Chief Executive Officer of GIIF.
The charges against the two include wilfully causing financial loss to the State, intentional dissipation of public funds, and conspiracy to commit crime. Mr. Boakye cited Board meetings on September 5, 2018, and November 19, 2019, noting that while procedural steps were taken, final approval was still outstanding. Mrs. Barth questioned the witness on the definition of 'approval,' referencing his witness statement that clearly stated the Board did not authorize the Sky Train project or the $2 million payment.
Mr. Boakye elaborated that the approval process at GIIF involves multiple committees and necessary recommendations before Board sanctions. He disputed claims that all required project documents were provided to Board members, indicating that crucial documents, such as the memorandum of understanding (MoU) and concession agreements, were not presented during Board meetings and were only revealed during a National Intelligence Bureau investigation.
Furthermore, Mr. Boakye testified that Ghana Sky Train Limited had been set up by the CEO without the Board's knowledge, reiterating that the Board had not sanctioned the project. The cross-examination also explored AI Sky Train Consortium Holdings' involvement, noting its 510,000 shares in Ghana Sky Train Limited and the lack of Board representation in the special purpose vehicle, which deviated from GIIF's common practice of appointing Board members to entities where it holds equity stakes.
The witness sought additional time to review documents to complete his testimony, resulting in the court adjourning proceedings to a later date. The Accra SkyTrain project was envisioned as an elevated light rail system to alleviate traffic congestion and air pollution in Accra. In 2018, the Government signed an MoU with the AiSky Train Consortium of South Africa, and following a feasibility study, a Build-Operate-Transfer concession agreement was signed in November 2019 for the system's development at an estimated cost of $2.6 billion, projecting a capacity of 10,000 passengers per hour per direction.