Prosecute GIIF management for recklessly investing $2 million in Sky Train Project- Minority

The Minority in Parliament has called for the prosecution of Ghana Infrastructure Investment Fund (GIIF) management and board members over the decision to invest $2 million in the botched Accra Sky Train project.

In the 2021 audit report, the Auditor General indicted the Fund for its investment in the South African firm Africa Investor Holdings.

According to the report, the government invested the funds in ten ordinary shares of Ai Sky Train Consortium Holdings’ Special Purpose Vehicle (SPV).

However, an examination of GIIF’s risk management issues reveals that the policy is still in draft form.

“The feasibility studies that will better inform the project economics and required approvals from Ghana’s Cabinet and Parliament are still inconclusive,” the Auditor-General said.

The A-G stated that it has already advised the Fund’s management to “finalize and approve the risk management policy by the Governing Board for implementation.”

Following that, the report urged management to “continue to monitor the feasibility of the SPV investment and make the necessary provisions based on the results of the feasibility studies.”

Governs Kwame Agbodza, Minority Spokesperson on Roads and Transport, said the A-recommendations G’s are not far-reaching enough.

According to the Adaklu MP, the Ghana Infrastructure Investment Fund’s management and board were reckless in making payments before even conducting feasibility studies, and thus must be made to answer questions.

Addressing a press conference, he said “It appears to me that the board and management of Ghana Infrastructure Investment Fund have become very reckless in the decision they make in utilizing meagre resources that we put into that Fund. Especially, at a time when we are finding it difficult to feed our children at school and recruit the right frontline health care workers to be at our health facilities. Amidst the general excruciating hardship in the country they have the ability to throw away in my view 2 million dollars.”


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