In a significant revelation concerning financial governance within Ghana's infrastructure sector, a witness statement from Edward Nana Yaw Koranteng, an officer at the National Intelligence Bureau (NIB), has shed light on questionable transactions involving the Ghana Infrastructure Investment Fund (GIIF). The statement implicates the former CEO of GIIF, Solomon Asamoah, and the then board chairman, Prof. Ameyaw Akumfi, in authorizing a substantial payment of $2 million to Africa Investor Holdings Limited (AIHL) without the necessary formal approval from the GIIF board.
The contentious payment, executed in 2019, was purportedly part of an ambitious project aimed at developing a Sky Train infrastructure in Accra. However, according to Koranteng’s statement, the procedures followed in this instance were far from standard. Upon taking office as the current CEO, Koranteng reviewed transaction documents that indicated an initial "in-principle" endorsement from the GIIF board for the Sky Train project. Nonetheless, the board had not sanctioned any final investment decision—a critical step that was bypassed by the then leadership.
Koranteng described the $2 million transaction as “highly irregular,” noting that the authorized payment was made under a convertible loan agreement with AIHL, a Mauritius-registered entity identified as the proposed executor of a $2.6 billion infrastructure project. The express lack of board approval for such a significant financial commitment raises serious questions about governance and oversight.
The witness statement further highlights that an internal due diligence report had already raised red flags regarding AIHL’s capability to handle the project. This assessment pointed out that AIHL possessed "no assets, no track record, and only one director," which cast doubt on its ability to deliver a project of this scale. Despite these alarming findings, the payment proceeded with the sole consent of the CEO and the board chair of the GIIF at the time.
As part of the conditions outlined in their agreement, AIHL was required to secure a Rail Concession Agreement (RCA) with the Ghanaian government. However, the company failed to fulfill this obligation, leading to the project’s stagnation and eventual abandonment.
In his statement, Koranteng expressed that following a change in the organization's leadership, efforts to retrieve the funds were initiated, including the issuance of formal demand letters. Unfortunately, these attempts yielded no success. A petition was subsequently filed with the Economic and Organised Crime Office (EOCO), alongside a report submitted to the Office of the Special Prosecutor, citing the financial losses incurred by the state.
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"The actions taken were not only detrimental to financial resources but also constituted an abuse of public trust," Koranteng remarked, underscoring the need for improved governance frameworks within GIIF. As the organization moves forward, it is reportedly committed to establishing stricter investment oversight mechanisms to prevent similar occurrences in the future.
This unfolding story serves as a critical reminder of the importance of accountability and due diligence in public sector financial management, highlighting vulnerabilities that can lead to significant national financial repercussions.