A Staff Officer of the Bureau of National Intelligence (BNI), Francis Aboagye, has told an Accra High Court that investigations found that the Governing Board of the Ghana Infrastructure Investment Fund (GIIF) never approved the payment of US$2,000,000 for the proposed Accra Sky Train project.

According to a report by thechronicle.com on March 24, 2026, Francis Aboagye, the third witness in the ongoing trial of former GIIF Chief Executive Officer, Solomon Asamoah (A1) and former Board Chairman Professor Christopher Ameyaw‑Akumfi (A2) made this known during his testimony in court.

"The US$2 million payment formed part of an intended investment in the Sky Train project, which was estimated to cost US$2.6 billion but investigations found no evidence that the GIIF Board authorised the transaction.

"In his written statement to the court, Francis Aboagye, said he was assigned on February 24, 2025, to lead an NIB team to investigate a report of an alleged unlawful payment from GIIF funds to Africa Investor Holdings Limited, a company incorporated in Seychelles by one Herbert Danso", the report said.

Aboagye said the investigation confirmed that the money was transferred from GIIF’s account to the foreign company on March 4, 2019, without approval from the board of directors of GIIF and the Fund’s internal investment policy.

Francis Aboagye further disclosed that although minutes of board meetings held between September 2018 and December 2020 were reviewed, none showed that the board approved the share acquisition or the payment.

“Our investigations established that the board of directors did not approve the share acquisition or the payment of US$2,000,000 at any of these meetings,” the witness stated.

He told the court that under a shareholders’ agreement signed by Asamoah, on behalf of GIIF, the Fund purportedly acquired 10 percent shares in a special purpose vehicle, known as Ai SkyTrain Consortium Holdings, incorporated in Mauritius by Africa Investor Holdings Limited.

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However, he said the agreement was signed without technical, financial, legal or feasibility assessments, contrary to the GIIF investment policy, which requires comprehensive evaluation before any investment decision.

The witness also told the court that during investigations, the two accused persons gave caution statements to investigators.

He said Asamoah insisted that the board approved the payment, but he failed to produce any evidence.

Aboagye said further investigations showed that although a concession agreement for the Sky Train project was later signed, the project was contingent on a bankable feasibility study, which was never completed.

He added that the Auditor-General’s report and external audit findings indicated that the US$2 million investment may not be recoverable if the project fails to secure the necessary approvals.

The prosecution maintains that the payment of the US$2 million from GIIF funds was unlawful and done without the required authorisation.

Prof Ameyaw-Ekumfi and Solomon Asamoah have both been charged for allegedly causing financial loss to the state in the two million dollar “Sky Train” project.

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