The CIRIP Annual Public Lecture, held on Wednesday, 28 May 2025, drew participants, including business leaders, financial experts, policymakers, and corporate practitioners, under the theme “Unlocking Business Resilience: How CIRA Empowers Companies to Recover from Distress and Thrive.”
The event provided an insightful forum for exploring strategic recovery mechanisms, innovative financing solutions, and legal provisions for corporate insolvency and restructuring.
Addressing the audience, the Chairman of the event, Dr. Ishmael Yamson, Chairman of MTN and the National Economic Dialogue, emphasized the need for businesses to detect early signs of distress and take proactive steps toward resolution before challenges escalate. He further stressed the importance of restructuring rather than resorting to liquidation or closure.
The Guest Speaker, Mr. Simon Madjie (IP), CEO of the Ghana Investment Promotion Centre , outlined various challenges that lead companies into distress. He discussed opportunities provided under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015) , which enables distressed but viable companies to restructure under administration through a moratorium.
“Under CIRA, when a company enters administration, it is granted a moratorium: a temporary legal pause that protects it from creditor actions. This provision is important because it prevents creditors from pursuing legal claims or seizing assets at a time when the company is already vulnerable.” he emphasized.
He further explained that the moratorium allows appointed administrators the necessary space to reorganize the business, assess recovery options, and engage with stakeholders while preserving the company’s value.
Additionally, he highlighted that CIRA facilitates access to fresh capital required for recovery and continued operations.
“The Act also requires that a restructuring agreement includes post-commencement financing. More importantly, post-commencement financing is categorized as Class A debt and is granted the highest priority over all other creditor claims—even ahead of preferential creditors. This special status is designed to encourage fresh funding for companies in administration by assuring lenders, suppliers, and employees that their claims will be settled first and in full,” he added.
The Chairman set the tone for discussions, leading into interactive panel conversations that addressed institutional challenges, awareness gaps, and capacity constraints in CIRA implementation. Throughout the event, panellists emphasized leadership, adaptive strategy, and ethical governance, ensuring businesses gain the necessary tools for effective recovery.
The panel session examined government-backed policies supporting distressed enterprises, focusing on post-commencement financing, professional regulations, and corporate governance provisions .
The moderator, Audrey Naa Dei Kotey (IP), Managing Partner of Audrey Grey and Board Member of the Ghana Stock Exchange , emphasized the availability of various tools for businesses and practitioners to facilitate turnaround and growth.
Eric Dafor, Policy and Economic Analyst at the Association of Ghana Industries (AGI), discussed financial constraints affecting businesses, particularly within the construction sector , where delayed government payments have led to temporary distress. He added that, corporate governance issues, securing credit among others are some of the challenges businesses faces. He called on a wider stakeholder engagement to sensitize businesses about the opportunities under the CIRA Law and urged them not to shutdown operations merely because they do not have cash flow or owing. Michael Kabutey Caesar, National Treasurer of the Ghana National Chamber of Commerce and Industry (GNCCI) reiterated the importance of financial assessment and leveraging CIRA provisions to prevent closure due to inadequate funding.
Prosper Melomey highlighted the ring-fenced protection of post-commencement financing under CIRA, ensuring priority payment to lenders in the event of liquidation. He further advised that, professionals within the space must find alternative financing, investor funding, or private equity involvement.
Clara Amarteifio Taylor, Partner at PwC Ghana, urged non-certified insolvency practitioners to refrain from handling corporate restructuring, citing legal sanctions under CIRA . She encouraged professionals to undergo CIRIP Ghana’s training programs to strengthen their expertise. Lawyer Limann A. Mohammed, Managing Solicitor at Limo@Law, provided an overview of the legal implications of financial distress and emphasized the need for comprehensive CIRA regulations to support smooth implementation.
The President of CIRIP, Mr. Felix Addo, revealed that Ghana currently has three corporate administrations compared to approximately 400 liquidations, underscoring the need for stronger collaborations between companies, practitioners, and the government.
Ishmael Yamson in his closing remarks, shared that, business leaders must take advantage of the new CIRA Law to restructure their companies and called on Government to work with viable companies which are temporarily distressed to turn around, grow and expand into giant companies.
The event’s discussions offered valuable insights into how CIRIP professionals can facilitate business restructuring and enhance long-term resilience. The forum reinforced CIRIP’s commitment to equipping businesses with knowledge and expertise for financial recovery, ensuring continuity, stability, and growth in Ghana’s evolving corporate landscape.
