Accra:The Accra SkyTrain project trial has revealed a contentious debate over the alleged mischaracterization of a US$2 million payment involving Professor Christopher Ameyaw-Akumfi, the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF). The defence argues the charges against him rest on a flawed premise, conflating an early-stage equity investment with construction financing.
According to Ghana Web, the prosecution claims that the funds were disbursed for the construction of a SkyTrain system in Accra, which was never built. The defence disputes this, stating the payment was an equity investment for a stake in Ai SkyTrain Consortium Holdings, not construction financing. They highlight various documents, including the Memorandum of Agreement and Shareholders' Agreement, to support this view.
The defence further argues that the transaction was consistent with GIIF's statutory mandate to invest in infrastructure assets. It points to the audited financial statements, which classify the payment as an equity investment. Additionally, they emphasize that there was no personal benefit derived from the funds by Professor Ameyaw-Akumfi or others.
The Accra SkyTrain project aimed to alleviate congestion through an elevated transit system with several proposed routes. However, the project faced challenges, including a lack of parliamentary approval and disruptions from the COVID-19 pandemic. The defence maintains that these external factors impacted the project's progress, not any misconduct in handling the funds.
The trial continues as the court evaluates whether the evidence supports the charges and whether the actions of those involved complied with legal and fiduciary duties. The defence remains hopeful that the evidence will clear Professor Ameyaw-Akumfi of any wrongdoing.