An inductee receiving her certificate from Ms. Akuffo
The Office of the Registrar of Companies (ORC) and the Ghana Association of Restructuring and Insolvency Advisors (GARIA) have inducted over 160 members as newly licensed Insolvency Practitioners(IPs) at its second cohort Induction Ceremony in Accra.
The Induction Ceremony, which was also in partnership with other stakeholders including the Bank of Ghana and the Attorney General’s Department, forms part of ORC and GARIA’s key objectives to provide a forum for practitioners engaged in business recovery and insolvency practice. The new cohort brings to a total of over 270 IPs.
Former Chief Justice, Sophia Akuffo, who chaired the induction ceremony, commended the inductees for their perseverance and diligence in reaching this milestone.
She also advised practitioners to maintain strong morals and values as these are the pillars of success in their respective fields.
“Your profession is placed in the engine room of our economy, you must raise yourself and be heard on issues concerning the economy, company rescue, and the efficiency of insolvency practice,” she added.
The Minister for Justice and Attorney General, Godfred Yeboah Dame, in a remarks made on his behalf by his deputy, Alfred Tuah-Yeboah, encouraged licensed Insolvency Practitioners (IPs) to prioritize saving distressed companies, emphasizing that the hasty winding down of firms that have the potential to be revived could harm the growth of the private sector.
“Where a business can be saved by restructuring, every effort should be made by skilled professionals to save it by restructuring it, therefore there is now the need to encourage lawyers, accountants, and bankers to take an interest in the restructuring profession,” he said.
Registrar of Companies, Jemima Oware, reiterated the need for inter-agency collaboration across the financial spectrum – banking, accounting, taxation, insurance and securities – as well as with the judiciary to promote efficiency in the application of the Corporate Insolvency and Restructuring Act (CIRA).
CEO of GARIA, George Fosu, explained that the induction ceremony is part of the association’s broader objective to equip IPs with the essential core competencies required to assist businesses and organizations.
He emphasised that current training and education of insolvency practitioners needs improvement, particularly in terms of business modeling, strategy, and corporate balance sheet restructuring.
By Jamila Akweley Okertchiri