Professor Christopher Ameyaw-Akumfi, the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), has been granted bail in the sum of GH¢10 million by an Accra High Court, as he faces charges related to the alleged misappropriation of public funds.
The court ordered that the bail be backed by two sureties, both of whom must justify their claims with landed property located within the Greater Accra Region.
As part of the bail conditions, Prof. Ameyaw-Akumfi is required to surrender his passport and all other travel documents, and report to investigators once every week.
The case has been adjourned to June 10, 2025, at 9:00 a.m.
The former GIIF Chair pleaded not guilty to charges of wilfully causing financial loss to the state, intentional dissipation of public funds, and conspiracy to commit crime.
His plea was officially entered on Monday, May 26, after he missed two previous court appearances, reportedly due to medical emergencies.
Prof. Ameyaw-Akumfi is on trial alongside Solomon Asamoah, the former Chief Executive Officer of GIIF. The charges stem from a controversial transfer of $2 million of public funds into a private account held by Africa Investor Holdings, allegedly for the development of a proposed Sky Train project.
According to the prosecution, the transaction was carried out without proper authorisation, due diligence, or adherence to legal and administrative procedures.
The state argues that the move resulted in a significant financial loss and violated public accountability standards.
Both Prof. Ameyaw-Akumfi and Mr. Asamoah have denied any wrongdoing and are expected to mount a full legal defence as the trial continues.
