US$ 2 MILLION ACCRA SKY TRAIN PROJECT AMOUNT WAS NOT PAID BY JOE GHARTEY -- 2021 AUDITOR - GENERAL'S REPORT REVEALS.

The 2021 Auditor - General's Report on the payment of US$2 million for the Accra Sky Train Project reveals that it was paid by the Ghana Infrastructure Investment Fund and not the Ministry of Railways Development under the era of Mr Joe Ghartey as the Minister.

The report for the Period ending 31 December 2021, reveals it was the Ghana Infrastructure Investment Fund that paid the $2 million to acquire shares in the AI Sky Train Consortium

Holding and not Mr Ghartey or the Ministry of Railways Development.

The said Auditor-Generals Report also confirmed in paragraph 924 that the project was designed as a Design, Build, Finance and Operate arrangement as has always been maintained by Mr Ghartey. 

Mr Joe Ghartey, the then sector Minister, said he made it clear to the promoters of the project from the beginning that the Ministry of Railways Development would not invest in the over US$2 billion project. 

According to the Auditor - Generals Report, Africa Investor Holdings Limited incorporated a Special Purpose Vehicle (SPV) on December 11, 2018 in the Republic of Mauritius for purposes of establishing Ghana Sky Train Limited to develop the Accra Sky Train Project through a concession on Design, Build, Finance and Operate arrangement.

The report said the Ghana Infrastructure Investment Fund paid US$2 million on February 25, 2019 to Africa Investor Holdings Limited as full consideration for 10 ordinary shares at US$1.00 per share in AI Sky Train Consortium Holdings (the SPV).

The Auditor General's Report urged management of Ghana Infrastructure Investment Fund to continue to monitor the Feasibility and the recoverability of the investment in the SPV and make the necessary provisions based on the outcome of the feasibility studies.

In 2019, Mr Ghartey said the Ministry signed a concession agreement with the promoters which included agreement on final bills of quantities and technical specifications, approval by Cabinet, Parliament, Ministry of Finance, conduct of a Value for Money Audit, among other conditions that had to be satisfied before the concession agreement took effect.

Joe Ghartey stated categorically that at no time did he pay any money to AI Sky Train or authorize the payment of any money to it. The US2m transaction was between Ghana Infrastructure Investment Fund and the investors.

The Ghana Infrastructure Investment Fund was established to mobilize, manage, coordinate and provide financial resources for investment in a diversified portfolio of infrastructure projects in Ghana.

 It has invested over US$300m in various infrastructure projects. The Ghana Infrastructure Investment Fund is not an agency or statutory body and not under the Ministry of Railways Development.

Joe Ghartey stated that in the third quarter of 2019, the concession agreement was signed in South Africa and the investors were supposed to come to Ghana with their technical team to complete the full feasibility and final bill of quantities in 2020 but COVID - 19 would

not make it happened.