Ato Essien, the former CEO of the now-defunct Capital Bank, is among the prisoners that President Nana Addo Dankwa Akufo-Addo has pardoned using his constitutional prerogative to mercy.
The pardon, which is a part of a broader mercy campaign, was announced in a letter dated December 31, 2024, serving as a gesture of reconciliation and forgiveness to end the year.
Ato Essien’s legal troubles started after Capital Bank, one of the banks involved in Ghana’s 2017–2019 financial sector cleanup, failed.
He was found guilty of financial crimes relating to the mismanagement of funds, including the embezzlement of GH¢620 million in liquidity support provided by the Bank of Ghana to Capital Bank. This led to widespread financial instability and contributed to the loss of trust in the banking sector.
He was convicted of financial offenses including financial mismanagement, including stealing GH¢620 million in liquidity support that Capital Bank received from the Bank of Ghana. This contributed to the loss of confidence in the banking industry and caused widespread financial instability.
Due to his failure to properly adhere to the terms of an agreement he signed with the state, Ato Essien was sentenced to 15 years in jail in October 2023.
As part of the restitution agreement, he had to pay back GH¢90 million in order to avoid going to jail. The state was forced to implement the court’s decision since Essien was only able to pay a portion of the total despite multiple extensions and lifelines that had been granted to him since December 2022.
He has reportedly had numerous surgeries as a result of serious, perhaps fatal medical issues.
The President also granted clemency to Philip Assibit, who was also found guilty of financial crimes, in addition to Ato Essien. Assibit had been incarcerated for 12 years for intentionally causing the state to suffer financial losses.
A fraudulent transaction involving a $4 million loan intended for the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA) was the basis for his case.
The state suffered a large financial loss as a result of his conviction for creating false documents to support the payment.
These are the other seven pardoned prisoners along with the crimes they committed:
1. Akwasi Alhassan: On March 19, 1993, he was found guilty of murder and given the death penalty. Since then, he has spent thirty-one years in prison. By presidential order, he is currently serving a life sentence in prison.
2. On June 6, 2023, Beatrice Ofori was found guilty of human trafficking and sentenced to eight years of hard labor. She has severe hypertension and is currently 64 years old. She is unable to move freely as a result of this affecting both legs. The majority of her time is spent at the prison medical facility.
3. Frank Obeng received a 40-year prison sentence after being found guilty of manslaughter. Nsawam Prison is where he is presently completing his term. It is suggested that his sentence be lowered from 40 to 12 years.
4. Stephen Nyarko: In December 2010, he was found guilty of robbery and conspiracy to commit robbery and given a 30-year sentence. His overall service, including time spent in remand, has been 22 years.
5. Osman Inusah: Despite being found not guilty of armed robbery, he was found guilty of conspiracy to commit robbery. According to a petition filed on his behalf, he has mental health issues that require at-home management and treatment.
6.
Joseph Nana Kwaku Boateng was found guilty on May 28, 2019, of attempting to export and possessing narcotic narcotics. He was consequently given a 15-year sentence. In total, he has served eight years, five of which were spent on remand.
7. Emmanuel Adu Mensah: In April 2024, he was found guilty of drug possession and given a 15-year prison sentence. He is incarcerated at Nsawam Prison at the moment.
