The Court of Appeal has granted bail pending appeal to William Ato Essien, the founder of the defunct Capital Bank, who was convicted in 2023 for embezzling over GHS90 million from the bank.
In its ruling on Wednesday, July 30, the court set bail at GHS10 million with two sureties. As part of the conditions, Essien is required to deposit his passport with the court’s registry and report once a month to the Registrar of the Court.
Essien was sentenced to 15 years’ imprisonment by the Accra High Court after he failed to fulfill the terms of a restitution agreement. The deal had initially spared him a custodial sentence, on the condition that he repaid the full GHS90 million to the state. He paid GHS30 million upfront in December 2022 but defaulted on the remaining GHS60 million, leading to the imposition of the jail term.
Calls for his release had intensified in recent months, with some citing health concerns. In March this year, a petition was submitted to former President John Dramani Mahama seeking a presidential pardon for Essien. The petition, authored by lawyer Andrew Appiah-Danquah, argued that Essien’s imprisonment undermined the contributions he made to Ghana’s financial sector, particularly in job creation and support for local businesses through Capital Bank.
Meanwhile, earlier reports suggesting that Essien had been granted a presidential pardon by former President Nana Addo Dankwa Akufo-Addo were denied by the Office of the Former President. In a statement dated January 6, 2025, former Director of Communications Eugene Arhin described the reports as false, clarifying that no such pardon had been issued.
Essien’s release on bail comes as he seeks to appeal his conviction, with his legal team expected to pursue all available avenues to overturn the verdict.
