President Nana Addo Dankwa Akufo-Addo has granted clemency to Ato Essien, the former CEO of the now-defunct Capital Bank, and several other convicts.
The pardon, issued in a letter dated December 31, 2024, is part of a broader initiative to promote leniency and reconciliation as the year ends.
BACKGROUND;
The agreement required him to repay GH¢90 million to avoid imprisonment. Despite multiple extensions since December 2022, Essien only paid a portion of the amount, prompting the court to enforce the prison sentence.
In October 2023, a court sentenced Essien to 15 years in prison after he failed to meet the terms of a restitution agreement.
Essien’s legal challenges began after the collapse of Capital Bank, one of the financial institutions involved in Ghana’s banking sector cleanup between 2017 and 2019.
The court convicted him for embezzling GH¢620 million in liquidity support from the Bank of Ghana. This crime significantly contributed to the destabilization of the banking sector and eroded public trust in the system.
The presidential pardon, offered as part of a wider clemency initiative, reflects the President’s constitutional authority to grant mercy, underscoring his efforts to foster national reconciliation and healing.
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