While the project has been ruled out as a pipe dream, it has emerged that the dream of a sky train in Ghana’s capital of Accra has so far cost us $2million.
The money was spent on the acquisition of ordinary shares in Ai Sky Train Consortium Holdings.
This was revealed by the Auditor General in his report of the Auditor-General on the Public Accounts of Ghana – Public Boards, Corporations and other Statutory Institutions for the Period ended 31 December 2021.
According to the Auditor the shares in Ai Sky Train Consortium Holdings were valued at US$1.00 per but the premium paid for each share was US$199,999.
Government represented the Joe Ghartey led Railways Ministry in November 2018 signed a $2.6billion deal with South Africa based consortium, Africa Investment SkyTrain Consortium to build sky trains in Accra.
The Consortium was composed of Development Bank of South Africa and Canadian engineer WSP Parson Brinckerhoff.
The Auditor General in its 2021 report said the $2million worth of shares in the consortium was purchased by the Ghana Infrastructure Investment Fund.
Auditor General expressed the fear that the said investment could not be recovered if the Accra Sky Train Project was unable to secure the licensing and the Executive and Parliamentary approvals.
“Ai Sky Train Consortium Holdings is yet to obtain the license for ‘Aeromovel Technology’, required for the Sky Train Project.”
“Feasibility studies which will better inform the project economics and required approvals from the cabinet of Ghana and the Parliament of Ghana are still ongoing,” the Auditor General stated.