Court of Appeal grants bail to Capital Bank founder William Ato Essien pending appeal
The Court of Appeal has granted bail pending appeal to William Ato Essien, the founder of the defunct Capital Bank, who is currently serving a 15-year prison sentence for the theft of over GH¢90 million.
In a ruling delivered on Wednesday, July 30, the court set bail at GH¢10 million, with two sureties. Essien is also required to deposit his passport at the Court’s registry and report monthly to the Registrar as part of his bail conditions.
Essien was convicted by the Accra High Court in 2023 after failing to fully honour a restitution agreement he had entered into with the state. Under the terms of that agreement, Essien was to repay GH¢90 million to avoid custodial sentencing.
He paid GH¢30 million upfront in December 2022, but defaulted on the outstanding GH¢60 million, resulting in the revocation of the deal and the imposition of a 15-year prison term.
Health Concerns and Petitions for Clemency
Before the Court of Appeal’s decision, multiple appeals had been made for his release, citing deteriorating health.
In March 2025, a formal petition for a presidential pardon was submitted to President John Dramani Mahama by lawyer Andrew Appiah-Danquah.
The petition highlighted Essien’s previous contributions to Ghana’s financial landscape as a visionary entrepreneur and founder of Capital Bank.
It argued that his imprisonment undermined his legacy in job creation, support for local businesses, and the empowerment of Ghanaian entrepreneurs.
Amid these developments, the Office of former President Nana Addo Dankwa Akufo-Addo issued a statement in January 2025 refuting claims that he had granted presidential pardons to Essien and 10 other convicted persons before leaving office.
Then Director of Communications, Eugene Arhin, clarified that no such pardons had been issued and described the circulating list—which included Essien, Philip Akpeena Assibit (convicted in 2018 for causing financial loss to the state), and Akwasi Alhassan (serving a life sentence for murder since 1993)—as false.
Appeal Still Pending
Essien’s substantive appeal against his conviction remains pending before the Court of Appeal.
His legal team is expected to challenge the High Court’s ruling on the grounds of procedural issues and the collapse of the restitution arrangement.
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