Court of Appeal Grants GHS10 Million Bail to Ato Essien Amid Health Concerns

The Court of Appeal has granted William Ato Essien, founder of the now-defunct Capital Bank, bail set at GHS10 million pending the outcome of his appeal against a 15-year prison sentence.

The bail decision, delivered on Wednesday, July 30, includes conditions such as the submission of his passport to the court and monthly check-ins with the court registrar. Two sureties are also required.

Essien was sentenced to 15 years in prison with hard labour in October 2023 by an Accra High Court, following his guilty plea to 16 counts of stealing, money laundering, and conspiracy to steal. The charges stemmed from his role in the collapse of Capital Bank, involving over GHS90 million in financial misconduct.

In May 2024, Essien applied for bail pending appeal, citing deteriorating health, but the request was rejected by the High Court. He then escalated the matter to the Court of Appeal.

During the latest hearing, Essien’s legal team stressed his worsening health condition and the need for urgent medical care. They also highlighted his partial fulfillment of a plea deal that required him to repay GHS90 million to the state. He had initially paid GHS30 million in December 2022, but failed to meet subsequent payment deadlines for the remaining GHS60 million.

The prosecution opposed the bail, arguing that Essien had not honored the terms of the agreement. However, the three-member panel of justices pointed out that Section 35 of the Courts Act (Act 459)—which allows for restitution in exchange for a possible non-custodial sentence—raises questions that must be examined in the appeal process.

Background:

Essien and three associates were charged for offenses that led to the collapse of Capital Bank, including theft and money laundering amounting to GHS90 million. After entering a plea bargain, Essien agreed to repay the state in structured installments: GHS20 million each by April, August, and December 2023. By April, he had only paid GHS4 million of the first tranche and a total of GHS7 million by the time of sentencing.

As a result of his failure to meet payment terms, the High Court imposed the custodial sentence.

Following the sentencing, Dr. John Apea, Head of Missions at the Commonwealth Enterprise and Investment Council and a board member of the Commonwealth Human Rights Office for Africa, began advocating for clemency on humanitarian grounds. He launched a petition and pledged to present it to former President John Mahama, emphasizing Essien’s fragile health and the need for compassion in justice.