Indexing government scandals one at a time
An amount of US$2 million Ghana paid in 2019 as premium to acquire ordinary shares for the development of the Accra Sky Train Project has been reported as a net liability.
This is contained in a report by the Auditor General on the Public Accounts of Ghana’s Public Boards, Corporations and other Statutory Institutions for the period ended December 31, 2021.
In the report, it emerged that Africa Investor Holdings Limited incorporated a Special Purpose Vehicle (SPV) in Mauritius for the purposes of establishing Ghana Sky Train Limited, to develop the Accra Sky Train Project through a concession on Design, Build, Finance and Operate arrangement.
According to the Auditor General’s report, the Government of Ghana through the Ghana Infrastructure Investment Fund paid US$2 million 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).
Sept. 2, 2022