SkyTrain Trial: No final board approval for project

Kofi Boakye, the second prosecution witness in the SkyTrain trial, has told the court that the Board of the Ghana Infrastructure Investment Fund (GIIF) did not grant final approval for the Accra SkyTrain project.

Testifying under cross-examination by Victoria Barth, Mr Boakye said that although the Board expressed an intention to participate in the project, no recommendations were secured from the investment committee, and no final Board approval was given.

He made the remarks in the trial of Prof Christopher Ameyaw-Akumfi, former Board Chairman of GIIF, and Mr Solomon Asamoah, former Chief Executive Officer of GIIF.

The two have been charged with wilfully causing financial loss to the State, intentional dissipation of public funds, and conspiracy to commit a crime.

Referring to Board meetings held on September 5, 2018, and November 19, 2019, Mr Boakye maintained that while certain procedural steps were undertaken, the process was not concluded with final approval.

Mrs Barth pressed the witness on his understanding of “approval,” drawing his attention to portions of his witness statement in which he stated that “the board did not approve the Sky Train project” and “the board did not approve the $2 million payment.”

In response, Mr Boakye insisted that approvals at GIIF follow elaborate processes involving multiple committees and recommendations before the Board grants sanction.

He further disputed suggestions that all requested project documents had been presented to Board members. According to him, key documents, including the memorandum of understanding (MoU) and concession agreements, were not tabled at Board meetings and were only seen later during interrogation by the National Intelligence Bureau.

Mr Boakye also told the court that Ghana Sky Train Limited had been incorporated by the Chief Executive Officer without the knowledge of the Board, reiterating that the Board had not approved the project.

The cross-examination further touched on AI Sky Train Consortium Holdings, which holds 510,000 shares in Ghana Sky Train Limited, and the absence of Board representation in the special purpose vehicle, contrary to GIIF’s usual practice of appointing Board members to entities in which it holds equity stakes.

Mr Boakye requested time to review certain documents to complete his responses, after which the court adjourned proceedings to a later date.

The Accra SkyTrain project was a proposed elevated light rail system aimed at reducing traffic congestion and air pollution in Accra. In 2018, the government signed a memorandum of understanding with the AiSky Train Consortium of South Africa.

Following a feasibility study, the parties in November 2019 signed a Build-Operate-Transfer concession agreement for the development of the system at an estimated cost of $2.6 billion, with a projected capacity of 10,000 passengers per hour per direction.

Source: GNA