William Ato Essien, founder of the defunct Capital Bank, has been granted bail by Ghana’s Court of Appeal as he challenges his 15-year jail sentence for financial crimes related to the collapse of the bank.
The court, in a ruling on Wednesday, 30th July, granted Essien bail in the sum of GH¢10 million, with two sureties.
As part of the bail conditions, he is required to surrender his passport to the court registry and report to the registrar of the court once every month.
Background
Essien was sentenced in October 2023 by the Accra High Court after pleading guilty to charges of stealing, conspiracy to steal, and money laundering.
He admitted to misappropriating GH¢90 million in liquidity support extended by the Bank of Ghana in 2015 to help stabilise Capital Bank, which later became insolvent.
Following his conviction, he entered into a restitution agreement under Section 35 of Ghana’s Courts Act, which allows convicts to avoid jail if they fully repay stolen funds. Essien paid an initial GH¢30 million and committed to paying the remaining GH¢60 million in three installments in 2023.
However, he failed to meet the payment schedule, paying less than GH¢8 million of the first GH¢20 million tranche. The Attorney-General subsequently applied for the enforcement of the custodial sentence, arguing that Essien had breached the agreement. The court upheld the application, leading to his imprisonment with hard labour.
An initial bid for bail was rejected in May 2025, but the Court of Appeal has now reversed that decision, allowing Essien temporary release as his appeal is heard.
His imprisonment has sparked debate, with several prominent voices, including Dr. John Apea of the Commonwealth Enterprise and Investment Council and satirist and media personality Kwaku Sintim-Misapopularly known as KSM, calling for leniency.
In a public statement on Tuesday, former Attorney-General Godfred Yeboah Dame, whilst criticising the government for its approach in handling key cases, called for the release of Ato Essien.
They argue that Essien has been treated disproportionately and cite concerns over his health.
