Ato Essien granted ₵10m bail
By Praisebell Rosemond Larbi
The Court of Appeal has granted bail in the sum of GHS10 million to William Ato Essien, founder of the now-defunct Capital Bank, as he pursues an appeal against his conviction and custodial sentence.
The court, in a ruling delivered on Wednesday, July 30, also directed that Mr. Essien must provide two sureties, deposit his passport at the court’s registry, and report monthly to the Registrar of the Court.
This decision comes more than a year after Mr. Essien was sentenced to 15 years in prison by the Accra High Court in December 2023 for stealing over GHS90 million from Capital Bank. The funds were intended for the bank’s operations but were allegedly diverted for personal and unauthorized use.
Mr. Essien’s conviction followed his failure to honor a restitution agreement brokered with the state. The deal allowed him to avoid jail by refunding the GHS90 million in tranches. However, his default on the payment schedule triggered the custodial sentence.
Background
Capital Bank was one of several indigenous banks whose licenses were revoked by the Bank of Ghana in 2017 during a sweeping financial sector clean-up. The central bank cited insolvency, mismanagement, and regulatory breaches as the reasons for the revocation.
Mr. Essien, who was charged alongside other former executives of the bank, initially pleaded guilty to multiple counts of stealing, money laundering, and conspiracy to steal. The High Court accepted the restitution deal in 2022 and allowed Essien time to repay the stolen amount in agreed installments.
When he failed to make full payments within the stipulated timeframe, Justice Eric Kyei Baffour imposed the custodial sentence and described Mr. Essien’s conduct as deliberate and calculated.
Ahead of the Court of Appeal’s decision, civil society groups and political commentators called for Mr. Essien to be granted bail or released on humanitarian grounds, citing his deteriorating health while in custody.
His legal team petitioned the court for bail pending the outcome of the appeal. They argued that Mr. Essien posed no flight risk, had cooperated with the justice system, and required specialized medical attention.
Although the prosecution opposed the motion, the panel of appellate justices found merit in the application and imposed strict conditions to ensure his continued availability to the court.
The Court of Appeal is expected to review both the conviction and the High Court’s sentencing rationale, especially the terms and breakdown of the restitution agreement.
