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Destiny of US$3 billion Accra Sky Train project questionable

After installment of US$ 2 million to Africa Investor Holdings Limited by the Ghana Infrastructure Investment Fund (GIIF) towards the development of the Accra Sky Train Project, as per the most recent Auditor-General’s report, the task may not happen as expected as the worker for hire is yet to get a functional permit to start work.

The project may not come to fruition as the contractor is yet to receive an operational licence

Notwithstanding getting the cash very nearly a long time back in February 2019, the SPV – known as the Ai Sky Train Consortium Holdings – as per the Auditor-General is yet to get a permit for ‘Aeromovel Technology’ expected for the Sky Train Project.

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The failure to get the permit, the A-G said, could hamper the task’s practicality concentrates on which illuminate the venture’s financial matters for endorsement.

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The US$2million to Africa Investor Holdings as full thought is for 10 standard offers in the SPV. The report anyway uncovered that the premium paid for each offer, which was US$199,999 in the SPV, has revealed a net obligation for the year December 31, 2020.

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