The Court of Appeal has granted a GHS10 million bail to William Ato Essien, the founder of the defunct Capital Bank, pending the outcome of his appeal against a 15-year jail sentence.
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The bail comes with two sureties and includes conditions requiring Essien to surrender his passport and report monthly to the registrar of the court.
Essien was convicted in October 2023 on 16 counts of stealing, money laundering, and conspiracy to steal, following a plea bargain agreement with the state.
He was sentenced to 15 years in prison with hard labour for his role in the bank’s collapse, which involved the misappropriation of over GHS90 million.
His lawyers had initially applied for bail at the High Court in May 2025, but the request was denied. They later filed at the Court of Appeal, citing his deteriorating health and partial fulfillment of the plea deal as justification.
In court on Wednesday, July 30, his legal team argued that Essien had already paid part of the GHS90 million restitution required under the agreement.
He had paid GHS30 million upfront in December 2022, but failed to meet subsequent payment deadlines. As of his sentencing, he had paid just GHS7 million of the remaining GHS60 million.
The prosecution, however, opposed the bail, citing Essien’s failure to comply fully with the agreed payment schedule. They argued that he had not honoured the instalments due in April, August, and December 2023.
Despite this, the three-member panel of justices ruled that issues surrounding Section 35 of the Courts Act, 1993 (Act 459), which allows restitution in lieu of custodial sentences, required further examination during the appeal process. The court emphasized that his continued detention could lead to undue suffering, particularly given his medical condition.
Background
Ato Essien, along with three others, were prosecuted for financial crimes that led to the collapse of Capital Bank. The plea bargain was meant to offer a path to non-custodial sentencing if he complied with repayment conditions. However, his failure to pay the agreed amounts led to his imprisonment.
A campaign for clemency was later initiated by Dr. John Apea, a Commonwealth representative, who highlighted Essien’s health concerns as a human rights issue.
A petition for clemency is expected to be submitted to President Mahama once the duration of Essien’s time in custody is clarified.
