The Office of the Registrar of Companies (ORC), in collaboration with the International Finance Corporation (IFC), is working to strengthen Ghana’s corporate insolvency regime in a bid to promote business recovery, protect creditors, and enhance economic stability.
The partnership between the ORC and IFC has brought together regulators, financial institutions, and insolvency professionals to deepen understanding of the Corporate Insolvency and Restructuring Act (CIRA) and explore how it can be effectively implemented to support businesses facing financial distress.
Registrar of Companies, Maame Samma Peprah, noted that “efficient insolvency laws ensure transparency, allocate risk fairly, and help maximise value for all stakeholders.”
Board Chairman of the ORC, David Kudoadzi, explained that the “Corporate Insolvency and Restructuring Act provides mechanisms such as administration of distressed companies, temporary management, creditor rights freeze, and restructuring options.”
IFC Senior Country Manager for Ghana and Liberia, Kyle Kelhofer, emphasised that effective insolvency systems are “vital for sustaining viable businesses, improving creditor recovery, and fostering access to finance to drive economic growth and job creation.”
Speaking on the role of CIRA in promoting financial sector sustainability, Deputy Attorney General Dr. Justice Srem Sai said “effective implementation remains a challenge but is key to ensuring business solvency.”
Panelists at the forum also highlighted CIRA’s provisions for business rescue, loan restructuring, and its focus on transparency and accountability.
The forum, held under the theme “Strengthening Business Recovery and Creditor Confidence through Ghana’s Corporate Insolvency Regime,” forms part of ongoing efforts to promote good corporate governance and strengthen investor confidence.
