Former Chief Executive Officer (CEO) of the now-defunct Capital Bank, Ato Essien, has received a pardon from outgoing president Akufo-Addo.
President Nana Addo Dankwa Akufo-Addo used his constitutional power of mercy to pardon ten others as well.
This act of clemency, part of a broader initiative, was formally communicated through a letter dated December 31, 2024, offering a gesture of forgiveness and reconciliation to close the year.
Ato Essien’s legal troubles began after the collapse of Capital Bank, which was among the financial institutions affected by Ghana’s banking sector cleanup between 2017 and 2019. He was convicted of financial crimes, including the embezzlement of GH¢620 million in liquidity support from the Bank of Ghana, contributing to the financial instability and loss of confidence in the banking sector.
In October 2023, Essien was sentenced to 15 years in prison for failing to meet the terms of a settlement agreement with the state. The agreement required him to repay GH¢90 million as restitution to avoid jail time. Despite multiple extensions since December 2022, Essien only managed to repay a portion of the amount, leaving the court with no choice but to impose the sentence.
Essien is reportedly suffering from serious, life-threatening health issues and has undergone several surgeries.
Alongside Essien, President Akufo-Addo also granted clemency to Philip Assibit, who had been serving a 12-year sentence for causing financial loss to the state. Assibit’s conviction stemmed from a fraudulent $4 million loan transaction linked to the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA). He was found guilty of falsifying documents to facilitate the payment, leading to substantial financial loss for the state.
See statement:
