Defunct Capital Bank: Court of Appeal grants GHS10m bail to Ato Essien

The Court of Appeal has granted bail to the founder of the defunct Capital Bank, William Ato Essien, as he seeks to overturn his 15-year jail sentence for causing financial loss to the state.

In a ruling delivered on Wednesday, July 30, the court set bail at GHS10 million with two sureties. As part of the conditions, Mr. Essien is required to deposit his passport with the court and report to the Registrar once every month.

This development follows increasing public appeals for clemency, citing his deteriorating health condition. A recent petition addressed to the President and several public commentaries have called for his release on humanitarian grounds.

Essien was convicted in 2023 by the Accra High Court after failing to fulfil the terms of a restitution agreement that had initially spared him a custodial sentence. The agreement required him to refund a total of GHS90 million, part of which he defaulted on, prompting the court to hand down a custodial sentence.

Among those advocating for his release is 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. Speaking during a public forum on X Spaces last Sunday, Dr. Apea revealed that Mr. Essien is now confined to a wheelchair due to a spinal injury sustained while in custody.

He argued that the former banker is not receiving adequate medical care in prison, raising ethical and humanitarian concerns about the state’s responsibility in such cases.

“We don’t have capital punishment for financial crimes in Ghana,” Dr. Apea said. “But is this a silent execution that we are putting people who are ill through?”

He further questioned the consistency of Ghana’s justice system in dealing with high-profile financial crime convictions, noting the apparent disparity in treatment between Mr. Essien and others in similar situations.