The Court of Appeal has granted bail pending appeal to William Ato Essien, founder of the now-defunct Capital Bank, who is currently serving a 15-year prison sentence for the theft of over GH¢90 million.
In a ruling delivered on Wednesday, July 30, the court granted Essien bail in the sum of GH¢10 million with two sureties. He is also required to deposit his passport at the court’s registry and report once a month to the Registrar of the Court.
Essien was convicted and sentenced by the Accra High Court in 2023 after failing to honour a restitution agreement with the state. Under the agreement, Essien had committed to refunding GH¢90 million to avoid a custodial sentence.
He paid GH¢30 million upfront in December 2022 but defaulted on the remaining GH¢60 million.
His inability to meet the agreed terms led the court to revoke the deal and hand down a custodial sentence.
Prior to the Court of Appeal’s ruling, several appeals had been made for Essien’s release on grounds of deteriorating health.
In March 2025, a petition was submitted to President John Dramani Mahama by lawyer Andrew Appiah-Danquah, requesting a presidential pardon.
The petition cited Essien’s contributions to Ghana’s financial sector as founder of Capital Bank, highlighting his role in job creation, support for local businesses, and the empowerment of Ghanaian entrepreneurs. It argued that his imprisonment undermined the achievements of a visionary local businessman.
Amid those calls, the Office of former President Nana Addo Dankwa Akufo-Addo issued a statement in January 2025 denying media reports that he had issued a presidential pardon for Essien and 10 others before leaving office.
Former Director of Communications Eugene Arhin clarified that no such pardon had been granted. The list circulating at the time had included names such as Essien, Philip Akpeena Assibit—convicted in 2018 for causing financial loss to the state—and Akwasi Alhassan, a convicted murderer serving a life sentence since 1993.
Essien’s appeal is still pending before the Court of Appeal.
Read also
