PROFILE · GHANA
Key Facts
- —The country Ghana is a West African democracy and a leading gold and cocoa producer, with Accra as its capital.
- —Why it matters Solomon Asamoah is a veteran African infrastructure financier who now stands trial over public money spent on a railway that was never built.
- —Why now On Wednesday 14 October, a five-member Supreme Court panel dismissed his bid to quash a trial ruling and remove his trial judge.
- —What happened The state says US$2 million left the Ghana Infrastructure Investment Fund in 2019 without board approval. He denies all six counts.
- —What it means for you His career spans the African Development Bank, the Africa Finance Corporation and the IFC, lenders that US investors know well.
- —Still open Whether the fund’s board approved the payment, what his defence evidence shows, and when the High Court will rule.
Solomon Asamoah, the former chief executive of Ghana’s state infrastructure fund, lost a Supreme Court challenge in Accra on Wednesday 14 October. He had asked the court to quash a trial ruling and to stop his trial judge from continuing.
Asamoah is the first accused in the Sky Train case, over a US$2 million payment for an Accra railway that was never built. For foreign investors, his trial tests how Ghana treats deals struck by state funds and their private partners.
He has pleaded not guilty to every count, and the charges remain allegations until the trial court rules. The Supreme Court decision means his defence will now be heard before the High Court.
Who Is Solomon Asamoah
Asamoah is a Ghanaian infrastructure financier whose career ran through some of the best-known development lenders in Africa. A World Bank speaker profile credits him with over 20 years of experience in investment banking and management.
He served as vice president for infrastructure, private sector and regional integration at the African Development Bank, the continent’s main public lender. Before that, he was deputy chief executive and chief investment officer of the Africa Finance Corporation in Lagos.
His earlier posts included a senior role at the Development Bank of Southern Africa. He also worked in investment advisory roles at the International Finance Corporation, the World Bank’s private sector arm, and at HSBC.
He holds a master’s degree in chemical engineering from Imperial College London, according to the same World Bank profile. That technical background is common among project financiers who assess roads, power plants and railways.
How He Came to Run the Ghana Infrastructure Investment Fund
The Ghana Infrastructure Investment Fund (GIIF) is a state fund that invests public money in infrastructure projects alongside private partners. Asamoah led it as chief executive, with Prof. Christopher Ameyaw-Akumfi as board chairman.
When former President Nana Akufo-Addo inaugurated the fund’s board in April 2017, he called Asamoah one of the continent’s foremost specialists in infrastructure financing, Citi FM reported. Akufo-Addo also said Asamoah had been personally responsible for over US$4 billion in infrastructure investments across Africa.
Under his leadership the fund took a stake in the Accra Sky Train, a planned elevated rail network of five routes and 194 kilometres. The Auditor-General said the project was structured as a concession to design, build, finance and operate the line.
What the Solomon Asamoah Sky Train Case Alleges
In 2019 the fund paid US$2 million to South Africa’s Africa Investor Holdings Limited for 10 shares in a Mauritius project company. The Auditor-General later warned the money could not be recovered if the project failed to win approvals.
The railway was never built, and the railways minister said in November 2021 that Ghana would build no sky train. The Attorney-General charged Asamoah and Ameyaw-Akumfi in May 2025 with six counts, including wilfully causing financial loss.
The prosecution, led by Deputy Attorney-General Dr Justice Srem-Sai, says the GIIF board never approved the payment. Prosecutors say the deal was meant to give the fund a 10 percent local equity stake that was never secured.
On 2 July, Justice Audrey Kocuvie-Tay of the High Court ruled that the two men have a case to answer. That finding means the evidence must be answered, not that either man is guilty.
What the Supreme Court Decided
Asamoah’s lawyer, Prince Asafo-Agyei, argued that the trial judge exceeded her powers by calling his client “the direct cause of the loss.” He also objected that she had changed his bail conditions without hearing him.
The five-member panel, presided over by Justice Gabriel Pwamang, refused both his certiorari and prohibition applications, the Daily Graphic and JoyNews reported. A single Supreme Court judge had already refused to halt the trial on Monday 31 August.
Our full account of the ruling is in Ghana Sky Train Case: What the Supreme Court Ruling Means. The High Court is due to hold a case management conference on Monday 19 October.
What It Means for US Readers
Asamoah built his career inside development lenders, including the African Development Bank and the IFC, in which the United States is a shareholder. A trial of a former senior official from that world draws attention well beyond Ghana.
For US firms weighing Ghanaian infrastructure deals, the case shows that state fund decisions can be reopened years later. The stabiliser is that the courts, not politicians, are now deciding the question.
The US State Department rates Ghana at Level 2, “exercise increased caution,” in an advisory last updated in July 2026. The ruling does not change travel or business conditions on the ground.
What Is Not Known
It is not known whether the GIIF board formally approved the payment, which is the central factual dispute. The exact dates of Asamoah’s appointment and departure as chief executive could not be confirmed from primary records before publication.
It is also unclear whether any of the US$2 million can be recovered from the Mauritius company. No verdict date has been set, and either side could appeal a final judgment.
Connected Coverage
For the wider political picture, read Ghana Politics Explained, Who Holds Power in 2026. The country’s basics are set out in Ghana Explained: The Country, the Mahama Government and What to Watch.
Visitors and new residents can start with our Accra City Guide for Expats and Visitors. It covers neighbourhoods, transport and costs in the capital where the trial is being heard.
Frequently Asked Questions
Who is Solomon Asamoah?
He is a Ghanaian infrastructure financier and the former chief executive of the Ghana Infrastructure Investment Fund. He previously served as a vice president of the African Development Bank.
What is he accused of?
The state says he helped cause a US$2 million loss through a 2019 payment for the planned Accra Sky Train. He has pleaded not guilty to all six counts.
What did the Supreme Court decide on 14 October?
A five-member panel refused his applications to quash a High Court ruling and to stop the trial judge from continuing. The trial therefore continues before Justice Audrey Kocuvie-Tay.
Was the Accra Sky Train ever built?
No, the elevated rail network planned for Accra was never constructed. The railways minister said in November 2021 that Ghana would not build a sky train.
What happens next?
The High Court holds a case management conference on Monday 19 October. The defence is then expected to present its evidence.
Sources: Daily Graphic, 14 Oct 2026; JoyNews, 14 Oct 2026; Citi Newsroom, 14 Oct 2026; Ghanaian Times, 14 Oct 2026; Citi FM, GIIF board inauguration, Apr 2017; World Bank Live speaker profile; Citi Newsroom, 31 Aug 2026; Citi Newsroom, Auditor-General report, Sep 2022; Citi Newsroom, Nov 2021; Citi Newsroom, May 2025; US State Department travel advisories.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error