Ghana paid $2m for shares for dev’t of sky train project – 2021 A-G’s report


The 2021 Auditor-General report has disclosed that a $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.

Africa Investor Holdings Limited incorporated a Special Purpose Vehicle (SPV) in Mauritius was approached 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.

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The Ghana Infrastructure Investment Fund paid $2 million to Africa Investor Holdings Limited as full consideration for 10 ordinary shares at $1.00 per share in Ai Sky Train Consortium Holdings (the SPV).

The premium paid for each share was, thus, $199,999.

But the SPV reported a net liability on 31 December 2020.

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Ai Sky Train Consortium Holdings is yet to obtain the licence for ‘Aeromovel Technology’, required for the Sky Train Project.

The Auditor General report noted that the investment in the SPV could not be recovered if the Accra Sky Train Project is unable to secure the licencing, and the Executive and Parliamentary approvals.

The A-G report recommended “Management 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. Management noted the recommendation for compliance.”  

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Last year, the Minister of Railway Development, Mr John Peter Amewu, was heavily criticized for saying a sky train project in Accra was impossible.

Few days later he clarified his controversial statement on the government's sky train project, saying that the huge amount of money involved in that kind of infrastructural intervention, cannot be done within a period of three years.

But his successor, Mr Joe Ghartey, was on record to have said that a sky train project will be completed within the tenure of President Akufo-Addo. 

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However, Mr Amewu, clarifying his position on the matter on Wednesday, 1 December 2021, stated that the project, which is estimated at a cost of $12billion, cannot be achieved within a period of three years, hence there will be the need for more time to implement the vision. 

Speaking at a press conference, Mr Amewu said: “Yes, I was on record to have stated categorically that it’s not possible within three years to complete the sky train, yes, and I’m repeating that it’s not possible”. 

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“If the sky train is supposed to be done today, it’s about $12 billion. I’m told that a cost per kilometre is in the range of $11 to $12 million and constructing a sky train is not like building a road and so if you consider the period of three years, it’s not possible, sometimes we need to be very honest and very objective and that is why I said for the period three years is not possible.

“I’m not on record to have said that sky train is not possible in Ghana; it can be done in Ghana but within that three-year period, it cannot be done within the period of three years.” 

Source : Classfmonline 


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