William Ato Essien, the former Chief Executive Officer of the defunct Capital Bank, has been granted GHC10 million bail by the Appeals Court pending the appeal of his sentence.
The court’s decision comes after reports earlier this week indicated that Essien had been hospitalized due to ill health, raising concerns about his ability to meet his custodial sentence.
As part of the bail conditions, the embattled former CEO must report to the court registrar once a month and surrender his passport to prevent any travel outside Ghana.
Essien, who was convicted for his role in the collapse of Capital Bank during Ghana’s banking sector clean-up, is seeking to overturn or vary his sentence. His conviction stemmed from charges relating to the misappropriation of funds and breaches of banking regulations, which contributed to the bank’s insolvency.
Public debate around Essien’s case has intensified in recent days following the Attorney General’s controversial settlement with Dr. Kwabena Duffuor and other former UniBank executives in a related banking collapse case. The AG agreed to a 60% refund settlement, a move that sparked widespread public outrage, with critics calling it lenient and inequitable.
Civil society groups and commentators argue that Essien, who was convicted of misappropriating Capital Bank funds, should be treated fairly in comparison to the UniBank settlement. Many citizens have cited the AG’s decision as grounds for a more balanced approach to justice in the banking sector cleanup cases.
Essien’s appeal and the government’s handling of banking sector prosecutions remain under public scrutiny, as Ghanaians demand greater transparency and accountability in resolving high-profile financial scandals.
