William Ato EssienThe Court of Appeal has granted a GH¢10 million bail to embattled businessman William Ato Essien, the founder of the now-defunct Capital Bank, as he seeks to challenge his conviction and custodial sentence.
The decision, delivered on Tuesday, comes after Essien’s legal team filed an appeal against the High Court’s ruling that had earlier rejected a similar application based on deteriorating health.
Essien, who was sentenced to 15 years in prison in October 2023 for his role in the misappropriation of GH¢90 million from Capital Bank during the financial sector cleanup, had argued that his health condition had significantly worsened since being incarcerated. His lawyers insisted that continued detention without appropriate medical attention posed serious risks to his well-being.
The Court of Appeal, in granting the bail, ordered that Essien post a GH¢10 million bond with two sureties, both of whom must be justified. He is also required to deposit his passport at the court registry.
The court cited humanitarian considerations and the right of the applicant to seek redress through the appeal process, particularly in light of his reported health complications.
The High Court, which had convicted and sentenced Essien after his plea bargain broke down due to non-payment of agreed restitution, had previously dismissed the same argument. At the time, the court maintained that no sufficient medical evidence had been presented to warrant his release on health grounds.
However, the appellate court took a different view, suggesting that new documentation and assurances provided by the defence merited a reconsideration of his bail status.
Essien’s conviction marked a major milestone in the prosecution of financial crimes related to Ghana’s banking crisis, which saw the collapse of several indigenous banks between 2017 and 2019. Capital Bank was among the first institutions to be taken over by the state following revelations of serious governance failures and financial mismanagement.
The Attorney-General’s Office is yet to indicate whether it will challenge the bail ruling or proceed with preparations to respond to the substantive appeal.
Meanwhile, public opinion remains divided, with critics questioning the consistency of justice delivery in high-profile financial crimes, while others argue that the bail conditions imposed are sufficient to ensure Essien returns to face the full outcome of his appeal.
