Last year, Ghana’s current administration officially shelved its Skytrain project indefinitely citing high costs.
But according to the Auditor General on the Public Accounts of Ghana’s Public Boards, Corporations and other Statutory Institutions, an amount of US$2 million Ghana was 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.
The report stated 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.
The Government of Ghana through its 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).
The SPV reported a net liability on 31 December 2020.
Ai Sky Train Consortium Holdings is yet to obtain the license for ‘Aeromovel Technology’, required for the Sky Train Project.
Feasibility studies are reported to be still ongoing.
The Auditor General noted that the investment in the SPV could not be recovered if the Accra Sky Train Project is unable to secure the licensing, and the Executive and Parliamentary approvals.
Sky Train Project Cancelled
In 2019, it was reported that the government was to start the Accra Skytrain project was to develop five routes, four of which were to be comprised of radial routes that would have originated at the proposed SkyTrain Terminal, at the heart of Accra, at a newly developed Kwame Nkrumah circle, and one route that would have provided an intra-city commuter loop distribution service
The project was however shelved by the Ministry for Railway Development citing various reasons including high costs.
