News Just In: Court of Appeal Grants GHS10 Million Bail to Incarcerated Ato Essien

The Court of Appeal has granted bail to the founder of the defunct Capital Bank, William Ato Essien, who is currently serving a custodial sentence for embezzling millions of Ghana cedis in depositors’ funds.

The bail, granted pending the determination of an appeal filed by Mr Essien, is set at GHS10 million with conditions yet to be fully disclosed.

This decision comes months after Mr Essien began serving a 15-year prison sentence imposed by the Accra High Court in October 2023. He was convicted on charges of stealing and money laundering involving over GHS90 million, following a plea bargain agreement with the state under Section 35 of the Courts Act.

Despite initially avoiding jail through that agreement, Mr Essien was later found to have breached the payment terms outlined in the deal, prompting the state to reapply for his incarceration — a move that was upheld by the court.

However, his legal team proceeded to challenge the conviction and subsequent jailing at the appellate level, arguing that there were substantial issues for consideration and that his continued detention would prejudice the appeal.

In granting the bail application, the Court of Appeal acknowledged the ongoing legal process and the fact that the appeal has not yet been heard on its merits. The court stressed that the bail is temporary and subject to strict compliance with the conditions to be outlined by the registrar and the Attorney General’s Department.

The GHS10 million bail decision has stirred renewed public debate over Ghana’s justice system, particularly in relation to high-profile financial crimes. Critics argue that it sends mixed signals in a country where financial malpractice has had severe consequences for depositors and taxpayers, especially following the banking sector clean-up that led to the collapse of several institutions, including Capital Bank.

Supporters of the ruling, however, contend that Ato Essien is entitled to due process, and the appeal court’s decision reflects the principle of fair hearing.

William Ato Essien, a once-prominent businessman and financial executive, was a central figure in the Capital Bank collapse saga. The bank’s failure in 2017 led to the loss of over GHS400 million in depositors' funds and triggered a wider investigation into mismanagement and regulatory breaches within the banking sector.

The Court of Appeal has yet to set a date for the hearing of Mr Essien’s substantive appeal.