The Court of Appeal has granted bail amounting to GH¢10 million to William Ato Essien, the former CEO of the defunct Capital Bank, with two sureties required.
Essien had previously been handed a 15-year prison sentence by the Accra High Court for misappropriating over GH¢90 million in liquidity support that was extended by the Bank of Ghana to Capital Bank.
He initially avoided prison by agreeing to repay the stolen funds through a restitution deal with the Attorney General and the court. As part of the agreement, Essien paid GH¢30 million in December 2022. However, he defaulted on the scheduled payments for the remaining GH¢60 million.
At the time of his sentencing, Justice Eric Kyei Baffour revealed that Essien had only paid GH¢7 million of the outstanding GH¢40 million balance, leading to his incarceration with hard labour.
Following the conviction, Essien appealed the sentence. On May 16, 2025, his legal representatives—led by Baffour Gyawu Bonsu Ashia on behalf of Thaddeus Sory—filed a motion for bail while the appeal was pending.
The appeal was supported by a petition, signed by lawyer Andrew Appiah-Danquah, dated February 27, 2025, which questioned the fairness of the trial and the nature of the sentence imposed.
The petition further underscored Essien’s impact as a pioneer in Ghana’s banking sector, highlighting his role in creating jobs, promoting entrepreneurship, and empowering local businesses through the establishment of Capital Bank.
Essien, who was convicted in October 2023, was found guilty of breaching the terms of a plea bargain negotiated under then-Attorney General Godfred Yeboah Dame.
