Court of Appeal in Ghana on Wednesday granted bail to William Ato Essien, the founder of the collapsed Capital Bank, as he seeks to challenge his 15-year prison sentence for the misappropriation of over GHS90 million (approximately $7.5 million).
Mr.Essien was granted bail in the amount of GHS10 million (about $830,000) with two sureties. As part of the conditions, he must surrender his passport to the court registry and report monthly to the court’s registrar.
In 2023, a High Court in Accra sentenced Essien to 15 years in prison after he failed to honor a restitution agreement that had allowed him to avoid jail time. The deal required him to repay the stolen funds, which prosecutors said he misappropriated while leading the now-defunct financial institution.
His legal team has since appealed the conviction, and the latest ruling allows him to remain out of custody as the appeal proceeds. The bail decision comes amid growing calls from some public figures for his release on humanitarian grounds, citing concerns over his health.
Essien was at the center of one of Ghana’s largest banking scandals, which contributed to a broader financial-sector cleanup initiated by regulators starting in 2017.
