The Court of Appeal has granted bail to William Ato Essien, the former Managing Director of the now-defunct Capital Bank. He was released on a bail sum of GHS 10 million with two sureties.
Essien was previously sentenced to 15 years in prison with hard labour by the Accra High Court on October 12, 2023, after being found guilty of misappropriating over GHS 90 million in liquidity support from the Bank of Ghana. The funds were meant to help Capital Bank meet its debt obligations.
This latest ruling comes amidst growing appeals to President John Mahama for a presidential pardon on health grounds. Among those advocating for his release are Dr. John Apea, Head of Missions at the Commonwealth Enterprise and Investment Council, and Prophet Kofi Oduro, General Overseer of Alabaster International Ministries.
Background on the Case
Essien’s legal woes began after he voluntarily entered into a plea deal under Section 35 of the Courts Act in December 2022 to avoid prison. Under this agreement, he was to pay back GHS 90 million to the state. He made an initial GHS 30 million payment, with the rest to be settled in three equal instalments during 2023.
However, by April 2023, he had paid only GHS 6 million of the GHS 20 million required for the first instalment. The state petitioned the court to enforce the custodial sentence as per the plea terms. Further investigations showed he had only managed an additional GHS 2 million, leaving a shortfall of GHS 12 million.
Despite multiple opportunities to fulfil the repayment terms, his failure to comply led to the imposition of the prison sentence. The new bail ruling now places the spotlight back on the legal and humanitarian dimensions of his case.
