By Barbara Kumah
The High Court in Accra has granted bail to the former Chairperson of the Ghana Infrastructure Investment Fund (GIIF), Professor Christopher Ameyaw-Ekumfi, in the sum of GH¢10 million with two sureties. The sureties must own landed properties, which are to be justified.
The 80-year-old former government appointee, who appeared in court in a wheelchair, pleaded not guilty to charges of conspiracy to commit crime, wilfully causing financial loss to the Republic, and intentional dissipation of public funds.
As part of his bail conditions, Prof. Ameyaw-Ekumfi was ordered to deposit his passport with the court and report to the Criminal Investigations Department (CID) once every week.
Prof. Ameyaw-Ekumfi and former GIIF Chief Executive Officer Solomon Asamoah were formally charged on Thursday, May 13, over the alleged loss of US$2 million in a “Sky Train” project intended to provide an urban rail system in Accra.
Despite being granted bail two weeks ago, Mr Asamoah remains in the custody of the National Investigation Bureau.
Defence cites health concerns
During proceedings, counsel for Prof. Ameyaw-Ekumfi, Duke Aaron Sasu, appealed to the court to grant bail on self-recognisance, citing the accused’s age, health condition, and long-standing service to the nation.
The lawyer told the court the professor had undergone hip surgery, suffers from a heart condition, and faces other health challenges, making detention particularly burdensome and potentially dangerous to his well-being.
He added that his client “has been cooperative with the legal process of the case from the beginning” and expressed “commitment to the process, in order to preserve his integrity.”
Attorney General Opposes Self-Recognisance Bail
Deputy Attorney General Dr Justice Srem Sai did not oppose bail but rejected the request for a self-recognisance arrangement. He asked the court to impose a bail condition similar to that of the first accused, Solomon Asamoah.
Dr Srem Sai also requested that Prof. Ameyaw-Ekumfi, due to his mobility challenges, report himself to police investigators, once a week.
Presiding judge, Justice Comfort Tasiame, after hearing the arguments set his bail term at GH¢10 million with two justified sureties owning landed property.
Details of the charges
Prof. Ameyaw-Ekumfi and Mr Asamoah have been charged with six counts, including “conspiracy to commit crime,” “wilfully causing financial loss to the Republic” under the Criminal Offences Act 1960 (Act 29), and “intentional dissipation of public funds” under the Public Property Protection Decree, 1977 (SMCD 140).
Mr Asamoah has also pleaded not guilty and was granted bail of GH¢15 million.
The charges stem from a payment of US$2 million to Africa Investor Holdings Limited in February 2019 for the Accra SkyTrain project. However, the project was never implemented.
According to the Deputy Attorney General, GIIF failed to follow due process or obtain board approval for the share acquisition or payment.
He told the court that “no Board approval was sought or obtained for the share acquisition or the two million dollars.”
In his caution statement, Prof. Ameyaw-Ekumfi is said to have claimed that he “obtained the approval of the GIIF governing board” — a claim that has allegedly been “refuted by the other members of the governing board” during police investigations.
Next steps
The case has been adjourned to June 10, 2025.
