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About GARIA

Established as GARIA on 8th August 2006 and reconstituted as CIRIP Ghana with presidential assent on 26th July 2025, we are now a statutory body under Act 1117. CIRIP Ghana is dedicated to advancing the field of restructuring and insolvency in Ghana, positioning itself as a leader in corporate restructuring, business recovery, and insolvency advisory services.

Our mission is to uphold the highest standards of professional practice and ethical conduct within the insolvency profession. We are committed to developing, guiding, directing, and monitoring the practice of insolvency, ensuring that our members are equipped with the knowledge and skills necessary to excel in their roles. In collaboration with the Insolvency Services Division of the Office of the Registrar of Companies, CIRIP Ghana supports the regulatory framework governing the insolvency industry, fostering a robust and dynamic professional environment.

Summary of Mandate

Supervise the professional growth and ethical standards of insolvency practitioners.
Train and assess new insolvency practitioners.
Keep a register to ensure high practice standards.
Regularly publish the Ghana Insolvency and Restructuring Journal.
Partner with the Insolvency Services Division (ISD) of the Office of the Registrar of Companies (ORC).
Promote ongoing professional development for insolvency practitioners.

Membership of CIRIP Ghana is open to Chartered Accountants, Bankers and Lawyers. Our current membership stands at 510 members.

Since its inception, CIRIP Ghana (formerly GARIA) has been a pivotal force in business law reform in Ghana. On August 2, 2019, the President of the Republic of Ghana assented to the Companies Act (Act 992), replacing the Companies Act of 1963. This milestone was followed by the passage of the Corporate Restructuring and Insolvency Act, 2020 (Act 1015) (CIRA) by Parliament, both of which were vigorously championed by CIRIP Ghana.

In the wake of these legislative advancements, CIRIP Ghana has conducted numerous sensitization and training programs for practitioners, company representatives, and the public. CIRA mandates CIRIP Ghana to assist the Office of the Registrar in licensing Insolvency Practitioners.

On March 1, 2023, CIRIP Ghana inducted the second cohort of 154 individuals licensed by the Office of the Registrar of Companies to practice insolvency in Ghana, bringing the total number of practitioners to 280. This event marked the end of the grandfathering mechanism used to transition the insolvency profession into the new regulatory environment defined by CIRA. Moving forward, individuals will only be granted a license upon successful examination and proven practical experience.

Our Vision

To be the professional body leading restructuring and insolvency matters in Ghana.

Our Mission

To promote business rescue practice through education, research, and advocacy. This includes governing standards of professional education and practice and facilitating market development to support the preservation, restoration and enhancement of economic value.

CORE VALUES

Excellence: We succeed because our members demonstrate higher level of excellence.
Fairness: Our autonomy required members to be treated fairly and equally
Integrity: We believe that in all our dealings with stakeholders, honesty and transparency must prevail at all times.
Professionalism: Competency and duties of our members speaks for itself, meeting international best practices
Collaboration: We collaborate with other agencies and institutions with similar goals.
Independence: We are objective and impartial with the advice we give.

Our Objectives

To promote and play a thought leadership role in connection with and in relation to business turnarounds and insolvencies;
To encourage restructuring of distressed entities including state-owned enterprises and other business establishments;
To promote mutual exchanges of opinions and information by practitioners who are engaged in research and practice in the field of insolvency or business recovery;
To provide a forum for practitioners engaged in business recovery and insolvency practice;
To promote law reforms in effective business recovery measures and insolvency;
To promote international cooperation with respect to insolvency or business recovery and related cross border matters.

BUSINESS RESCUE AND THE INSOLVENCY PRACTITIONER

“The first response of the law to a distressed company that is unable to honour its credit obligations as they fall due should not be to liquidate it. This is too drastic a remedy which is not responsive to the inevitable ups and downs of business life. A legal system that provides principally for only liquidation can fairly be characterized as primitive, from the business point of view…it is better to save the company than allow it go under” Justice S.K. Date-Bah, Chairperson of the Business Law Reform Committee of Experts.

Pre-Insolvency Advisory

CIRA introduced a “rescue culture” for financially distressed companies, giving them the option of restructuring and going into Administration. Prior to this Act, these options had been open only to banking and insurance companies. An Insolvency Practitioner will, as advisor, often be involved in this decision-making process, by advising the directors and stakeholders of the company about the future of the business. This “pre-Insolvency advice” will be based upon deep analytical understanding of the company, its business, creditors, suppliers and customers.

The Administration Process

Only a qualified Insolvency Practitioner can act as an Administrator under CIRA. CIRA introduced a restructuring process, for which the potential survival of a financially distressed company, is the central tenet. The “rescue and recovery proceedings” is run by an Administrator who can be appointed by the company itself, the court, a charge holder or even a Liquidator, if the company is already in liquidation. The initial question all of these potential appointees will ask is; “can this company be saved?”

Breathing Space

For some companies with short-term debt issues, Administration may provide the “breathing space” necessary to work with creditors to resolve cash flow or the most immediate financial issues. The Insolvency Practitioner, working as Administrator, can play a vital role in guiding the company through this period.

Administrator Runs and Manages an Insolvent Business

Effectively, the Administrator runs and manages an insolvent business, with the objective of restructuring it in such a way that it can be made viable and value returned to serve its members, stakeholders, employees, suppliers and creditors. During the period of administration, no action can be taken against the company to recover debts owed. This is “the opportunity for corporate restructuring” that could re-define the company’s future.

How We Are Funded

The activities of the Association are funded mainly by subscriptions, membership dues, grants and income from GARIA events. Members are also encouraged to sponsor events organized by the Association and may also donate generously towards the cause of GARIA.

SECRETARIAT

The day-to-day operations of the Association is handled by the Chief Executive Officer who is the head of the Secretariat.

Do you KNOW THAT

We are the leading restructuring and insolvency association in Ghana. GARIA is backed by a highly industry experienced governing council and competent administrative staff.