Prez Akufo-Addo grants clemency to Ato Essien and other convicts
President Nana Addo Dankwa Akufo-Addo has exercised his constitutional prerogative of mercy to pardon several convicts, including Ato Essien, the former Chief Executive Officer of the now-defunct Capital Bank.
The clemency, communicated in a letter dated December 31, 2024, marks a significant gesture of leniency and reconciliation as 2024 came to a close.
Ato Essien’s legal troubles stem from the collapse of Capital Bank, one of several financial institutions implicated in Ghana’s financial sector cleanup between 2017 and 2019. Found guilty of embezzling GH¢620 million in liquidity support provided by the Bank of Ghana, Essien was held accountable for financial mismanagement that contributed to widespread instability in the banking sector.
In October 2023, Essien was sentenced to 15 years in prison after failing to fully comply with a restitution agreement with the state. This deal, designed to prevent incarceration, required him to repay GH¢90 million. Despite receiving multiple extensions since December 2022, he only managed partial payment, leaving the state with no choice but to enforce the court’s decision.
Reports indicate that Essien’s health has deteriorated significantly, with severe medical conditions requiring multiple surgeries. This was a key factor in the President’s decision to grant him clemency.
Alongside Ato Essien, President Akufo-Addo also pardoned Philip Assibit, who had been serving a 12-year sentence for willfully causing financial loss to the state.
These acts of clemency form part of a broader initiative aimed at fostering reconciliation and offering second chances to individuals who have faced severe legal penalties.
