In recent memory, Captain Smart — a self-centered propagandist who hosts the Maakye show on Onua TV — has been ignorantly spewing lies about the cancellation of the concession agreement between Ashanti Ports Services Limited (APSL), the concessionaire of the Boankra Inland Port project, and the Ministry of Transport. What makes his propaganda even more dangerous is his attempt to drag the Asantehene, Otumfuo Osei Tutu II, into the matter.
But the facts are clear. Both the Attorney-General’s Department and international audit firm PricewaterhouseCoopers (PwC) have confirmed that APSL failed to secure the required financing to execute the project, making the termination of the contract valid.
In a legal opinion to the Ministry of Transport, Attorney-General and Minister for Justice, Godfred Yeboah Dame, upheld the Ghana Shippers’ Authority’s (GSA) decision to terminate the 30-year agreement signed in 2020. He stressed that APSL’s “fundamental obligation” was to achieve financial close — securing effective financing documents from senior lenders — by June 2021. Despite multiple extensions up to May 2023, APSL failed to do so, leading to the termination on August 21, 2023.
PwC, hired by the GSA to review APSL’s financing claims, reached the same conclusion. Its report revealed that:
Afreximbank never committed to financing the project, providing only an unsigned indicative term sheet and advisory letters.
Italian firm MAEC 87 SRL signed conflicting agreements with Afum Quality Limited (linked to APSL) but never disbursed funds, with conditions like bank guarantees unmet.
No proof of loan funds was ever transferred to support the project.
Both PwC and the Attorney-General concluded that APSL had failed to meet its contractual financing requirements, justifying the termination.
The Attorney-General, however, acknowledged certain grievances by APSL — including unreimbursed sod-cutting expenses — and directed that these claims be reconciled and settled. He also advised that the GSA honour outstanding contractor payments and reassess the viability of the project before selecting a new concessionaire.
The Boankra project, conceived more than two decades ago, was expected to create a major inland port to link Ghana’s southern harbours with the northern trade corridors and boost commerce with landlocked neighbours. Yet, repeated financial and contractual failures have stalled progress.
The official findings from both the Attorney-General and PwC expose the baselessness of Captain Smart’s commentary and underscore the need for responsible journalism on such a sensitive national project.
