
President Akufo-Addo has exercised his constitutional power of mercy to pardon 11 convicts, including William Ato Essien, the founder of the defunct Capital Bank.
Ato Essien was sentenced to 15 years in prison in 2023 for embezzling over GH¢90 million of the Bank of Ghana’s liquidity support allocated to Capital Bank.
Ato Essien’s legal troubles began after Capital Bank’s collapse, which was part of Ghana’s financial sector cleanup between 2017 and 2019. He was found guilty of financial crimes, including mismanaging funds and embezzling GH¢620 million in liquidity support.
In addition to Ato Essien, other notable individuals granted pardon include:
Along with Essien, other individuals were also granted clemency, including Philip Assibit, who was convicted for his role in the GYEEDA scandal.
Assibit had been serving a 12-year sentence for causing financial loss to the state in connection with fraudulent transactions involving a $4 million loan intended for the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA).
The pardon, communicated in a letter dated December 31, 2024, marks a gesture of leniency and reconciliation.
Ato Essien’s health issues, including severe life-threatening medical conditions and multiple surgeries, were likely considered in the pardon decision