William Ato Essien is the former CEO of now-defunct Capital Bank
Former Chief Executive Officer of now-defunct Capital Bank, William Ato Essien, has been granted GH¢10 million bail with two sureties by the Court of Appeal.
Essien was sentenced to 15 years in prison by an Accra High Court following charges of stealing over GH¢90 million of liquidity support provided by the Bank of Ghana to Capital Bank.
He was initially given the opportunity to avoid a custodial sentence by agreeing to pay back the GH¢90 million as restitution to the state but he failed to meet the payment terms agreed upon with the Attorney General and the court.
Essien paid GH¢30 million upfront in December 2022 but was unable to pay the remaining GH¢60 million in the agreed installments.
At the time of sentencing, Justice Kyei Baffour noted that Essien had managed to pay only GH¢7 million of the outstanding GH¢40 million due under the agreement.
As a result, he was sentenced to 15 years of hard labour.
Following his conviction, Essien filed an appeal against the sentence. On Friday, May 16, 2025, his legal team, led by Baffour Gyawu Bonsu Ashia (standing in for Thaddeus Sory), applied for bail pending the determination of the appeal.
But the petition submitted by Andrew Appiah-Danquah, a lawyer, and dated Thursday February 27, 2025 addressed raised serious concerns about the fairness and integrity of Essien’s conviction and imprisonment.
The petition highlighted Essien’s significant contributions to Ghana’s financial sector as being the founder of Capital Bank, his leadership and innovation provided thousands of jobs, supported local businesses, and empowered Ghanaian entrepreneurs.
The petition argued that his conviction undermined the achievements of a visionary entrepreneur who proved that local enterprises could thrive in a competitive financial sector.
Essien, who served as the Managing Director of Capital Bank, was convicted in October 2023 after failing to fulfill the terms of a plea bargain agreement brokered by the then-Attorney General, Godfred Yeboah Dame.
SA/MA
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