Sky Train Trial: Asamoah's Lawyers Dispute GIIF Board's Due Diligence Claims

Lawyers of former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah, have disputed claims that the Fund’s Board approved projects solely after due diligence. They pointed to Board records indicating that while some investments were approved outright, others were rejected precisely because due diligence had not been conducted. FLASHBACK: Accra to have first sky train station in August 2020 According to a citinewsroom.com report, the issue came up during the cross-examination of Yaw Odame-Darkwa, a former GIIF Board member and the prosecution’s first witness, in the ongoing trial over the alleged unauthorised disbursement of US$2 million for the Accra Sky Train project. Odame-Darkwa told the court that GIIF operated a structured approval process and insisted that due diligence carried out by independent consultants was a key requirement before the Board granted approval. According to him, projects discussed at Board or Investment Committee meetings remained in the “pipeline” until due diligence had been completed. However, counsel for Asamoah, Victoria Barth, disputed that position, arguing that GIIF’s own Board minutes showed that approvals were not always subject to due diligence. The report added that she referred to the Platinum Plaza project, where the Board granted a conditional approval for an additional US$10 million investment, clearly stating that the approval was subject to due diligence. Odame-Darkwa agreed that this was an example where the Board explicitly linked approval to the completion of due diligence. Barth then contrasted this with the Board’s approval of a US$1 million investment in the Asian Infrastructure Investment Bank (AIIB), which, according to the minutes, was granted without any due diligence condition. The witness conceded that, based on the records, the approval appeared to be unconditional. Explaining the decision, Odame-Darkwa told the court that the AIIB was a well-established and credible multilateral development finance institution, comparable to the African Development Bank, and that the request for the investment originated from the Ministry of Finance. He said the Board took comfort in the institution’s reputation and the Ministry’s involvement. The defence, however, challenged that explanation, reminding the witness that GIIF Board members had fiduciary responsibilities under the GIIF Act and were required to exercise independent judgment. Odame-Darkwa agreed that the Board had the authority to refuse requests from the Ministry of Finance if it considered them inappropriate. The defence also cited the Crown Safari project, where the Board declined to approve the investment and deferred it specifically because due diligence had not been conducted. Sky Train Case: Prosecution witness produces multiple GIIF emails on Accra project The witness confirmed that the absence of due diligence was the reason the project was not approved. The trial, which involves Solomon Asamoah and former GIIF Board Chair, Prof Christopher Ameyaw Akumfi, has been adjourned to January 22, 2026, for continuation. MAG/EB Hopeson Adorye makes appearance at Arise Ghana picket against Ofori-Atta Arise Ghana pickets at the US Embassy to demand Ofori-Atta’s return