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Solomon Asamoah retires as CEO of GIIF, expresses gratitude to President Akufo-Addo

Mr Solomon Asamoah served as the CEO of the Ghana Infrastructure Investment Fund (GIIF) from April 2017 till his retirement

The Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Mr Solomon Asamoah, has officially retired from office. His retirement takes effect on Monday, 13 May 2024. Mr Asamoah’s retirement was communicated to him in a letter dated 9 May 2024 and signed by the secretary to the President, Nana Bediatuo Asante.

The letter was also copied to the Vice President, Dr Mahamudu Bawumia, Chief of Staff at the Office of the President, Mrs Akosua Frema Osei Opare, the Minister for Finance, Mohammed Amin Adam, as well as the chairperson of the Public Services Commission and the board chairman of GIIF.

“The Office of the President is aware that you retired on 29 January 2024 when you attained the age of sixty years. Following your retirement, the President has granted you an extension of service as Chief Executive Officer of Ghana Infrastructure Investment Fund effective 30 January 2024 to 13 May 2024.

“To ensure a smooth transition upon retirement, kindly hand over your office to Nana Kwadwo Dwemoh Benneh, the newly appointed Chief Executive Officer of the Fund, by close of business on 13 May 2024. The President thanks you for your service to the nation and extends his best wishes.

Renewed optimism

In response to the letter from the office of the President, Mr Solomon Asamoah, in a letter dated 10 May 2024, accepted the directives, expressed his gratitude to the President, and pledged to ensure a smooth transition to his successor, Nana Kwadwo Dwemoh Benneh.

“Your letter dated 9 May 2024 refers. I wish to thank His Excellency the President for the opportunity to work at GIIF from April 2017 to date. I am proud to work with and for him (and his government) to lead and build GIIF into the strong and internationally credible institution it is today.

“I wish to express my gratitude to the two (2) different governing boards that I have worked closely with for all their support and guidance in the execution of GIIF’s mandate and the President’s agenda to building world-class projects with Ghanaian sponsors,” Solomon Asamoah’s letter read.

“Special mention goes to the industrious staff of GIIF for their dedication and building Ghana’s own globally respected sovereign wealth fund for infrastructure. It has been an absolute pleasure working with the GIIF staff. As I look to retirement with renewed optimism, I will be available to assist my successor to transition smoothly, as he looks to take GIIF to higher heights,” Mr Asamoah’s letter further read.

New GIIF boss

Former managing director of UMB Nana Dwemoh Benneh has, following the retirement of Mr Solomon Asamoah, been appointed by President Akufo-Addo as the new chief executive officer of the Ghana Infrastructure Investment Fund (GIIF).

Benneh’s appointment which takes effect from Monday 13 May 2024 is in line with Section 25 (1) of the Ghana Infrastructure Investment Fund Act 2014 (Act 877). Confirmation of the appointment, however, is pending receipt of the constitutionally required advice from the governing board of the Fund, given in consultation with the Public Services Commission.

GIIF

GIIF is a permanent investment vehicle established by the Government of Ghana with US$325 million anchor equity to act as a catalyst to leverage private sector funds into infrastructure assets in Ghana. The Fund has a governance structure that is independent of day-to-day government control.

GIIF’s mandate gives it the ability to set up, invest, and/or manage ringfenced sub-funds such as project development funds as well as sector funds, such as affordable housing. GIIF can also undertake non-cash generative, non-profit strategic interventions, separately funded so as not to affect GIIF’s profitability.

Reporting by Wilberforce Asare in Accra

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