The Office of the Registrar of Companies (ORC) says it will collaborate with stakeholders to ensure effective implementation of Ghana’s Corporate Insolvency and Restructuring Act (CIRA), 2020 (Act 1015).
Mrs Maame Samma Peprah, Acting Registrar of Companies, said the ORC was committed to supporting institutions and businesses in understanding and applying the provisions of the Act, which provided mechanisms to rescue viable but distressed companies through restructuring rather than liquidation.
“The ORC is ready to work with all stakeholders. At the call of any stakeholder, we will make ourselves available to explain the Act’s details and assist in properly dissolving or restructuring companies,” she said.
Mrs Peprah said this at a Stakeholder Sensitisation Forum on the Enhanced Legal Framework for Corporate Insolvency in Ghana in Accra.
The forum, jointly organised by the Office of the Registrar of Companies and the International Finance Corporation, was held on the theme: “Strengthening Business Recovery and Creditor Confidence through Ghana’s Corporate Insolvency Regime.”
It brought together regulators, financial institutions, legal practitioners, insolvency professionals, and business leaders to discuss the effective application of the Act and foster dialogue towards a resilient private sector.
The Ag. Registrar said the forum also sought to raise awareness of the Corporate Insolvency and Restructuring Act and its accompanying Regulations (L.I. 2502), approved by Parliament in March 2025.
The ORC, she explained, was particularly targeting the financial and private sectors, as many distressed firms often struggled to access credit facilities to support recovery.
“Not all companies that are falling are beyond recovery. With the right engagement and structured loans, many can be resuscitated,” she noted.
Mrs Peprah said the ORC would embark on sensitisation exercises, not only focused on large firms but also on small and medium enterprises to ensure that business owners understood the need for proper procedures in setting up and dissolving companies.
Mr Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia, commended the Ministry of Justice, Parliament, the ORC, and the Bank of Ghana for their leadership in developing a modern insolvency framework.
He said the new regime would help safeguard businesses, protect jobs, and strengthen investor confidence.
“When viable businesses restructure instead of collapsing, workers remain employed, suppliers continue to trade, and local economies thrive,” he said.
Mr Kelhofer reaffirmed IFC’s commitment to supporting Ghana in implementing the framework, adding that similar reforms in countries like Vietnam and Moldova had revitalised hundreds of businesses.
The Corporate Insolvency and Restructuring Act introduces a predictable system for managing corporate distress, licensing insolvency practitioners, and ensuring orderly closure for companies that cannot recover.
GNA
