The Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP) Ghana has held a high‑level engagement with representatives of the Swiss State Secretariat for Economic Affairs (SECO) and the International Finance Corporation (IFC) as part of ongoing efforts to strengthen Ghana’s restructuring and insolvency framework.
The meeting, convened by SECO through IFC, formed part of a stakeholder engagement and oversight process to review CIRIP’s progress, institutional development, and impact within the insolvency ecosystem, in light of SECO’s financial support to CIRIP‑related initiatives implemented through IFC programmes.
CIRIP was represented by its President, Mr. Felix Addo, Chief Executive Officer, Mr. George N. Owodo, Chief Operating Officer, Mr. Emmanuel Hanson, and Executive Secretary, Mrs. Petrina Quaye.
During the engagement, CIRIP provided an overview of its evolution and statutory mandate, highlighting Ghana’s transition from a liquidation‑focused insolvency system to a modern framework centered on business rescue and recovery. Reference was made to key legislative reforms, including the Companies Act, 2019 (Act 992), the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), and the CIRIP Act, 2024 (Act 1117), which established CIRIP as the statutory professional body for insolvency practitioners in Ghana.
CIRIP also outlined its core activities, including professional training, stakeholder engagement, public awareness creation, and collaboration with academic institutions. The Institute noted that it operates without direct government funding and relies on member contributions and development partner support, including SECO‑funded interventions facilitated by IFC.
Discussions further examined key challenges affecting the effectiveness of the insolvency framework, notably limited capacity among practitioners and stakeholders, low public awareness of restructuring options, and constraints in accessing post‑commencement financing for distressed but viable businesses. The absence of a functional distressed asset market was identified as a major barrier to successful corporate restructuring.
SECO and IFC shared insights into their ongoing support for financial sector stability, access to finance, and private sector development in Ghana. Particular emphasis was placed on interventions aimed at addressing non‑performing loans, supporting regulatory and policy reforms, and developing market‑based solutions for distressed assets.
The meeting also explored areas for continued collaboration, including capacity building for practitioners, judges, and regulators; policy dialogue with financial sector regulators; development of distressed asset markets; and enhanced public education initiatives.
The engagement concluded on a positive note, with all parties reaffirming their commitment to deepening collaboration to support an effective, market‑driven insolvency and restructuring framework in Ghana. CIRIP also used the opportunity to invite SECO and IFC representatives to participate in upcoming stakeholder engagements, including a forum scheduled at the Bank of Ghana.
