CIRIP Engages AGI to Strengthen Business Recovery and Restructuring Awareness
Partnership aims to support distressed businesses and deepen understanding of Ghana’s insolvency framework
The Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP Ghana) has intensified its stakeholder engagement efforts with a high-level courtesy visit to the Association of Ghana Industries (AGI) on 25th February 2026 in Accra.
The CIRIP delegation, led by its President, Mr. Felix Addo, included the Chief Executive Officer, Mr. George Owodoo, and Executive Secretary, Ms. Petrina Quaye. They were received by the AGI President, Pharm. Kofi Nsiah-Poku, alongside members of his leadership team.
Promoting Awareness of Restructuring Options
The visit formed part of CIRIP’s efforts to introduce its new statutory mandate under the CIRIP Act, 2024 (Act 1117), and to explore structured collaboration with AGI, particularly in educating industry players on restructuring and insolvency options available under Ghana’s legal framework.
Mr. Addo highlighted the evolution of insolvency practice in Ghana, noting that under the previous legal regime, many businesses were prematurely liquidated due to limited recovery options. He explained that the enactment of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015) has introduced modern rescue mechanisms, allowing viable businesses to recover through structured processes rather than liquidation.
“The current framework provides an opportunity to preserve businesses, protect jobs, and maintain economic value—but awareness remains low among industry players.”
Towards Structured Collaboration
CIRIP proposed a formal partnership with AGI, including joint educational programmes, participation in AGI regional engagements, and the development of a Memorandum of Understanding to guide collaboration.
The AGI President welcomed the proposal and expressed readiness to provide platforms for CIRIP to engage directly with its members. He acknowledged that businesses inevitably face cycles of distress and recovery and noted the importance of equipping industry players with the right tools and knowledge to navigate such challenges.
Addressing Financing Challenges for Distressed Businesses
A key issue discussed was the difficulty distressed but viable businesses face in accessing financing. CIRIP highlighted that existing banking classification systems often restrict such companies from obtaining new credit, thereby undermining recovery efforts.
The AGI President shared practical industry experiences, noting that many business challenges arise from external factors such as delayed payments, foreign exchange volatility, and contractual defaults rather than poor management.
“Businesses are sometimes penalised for circumstances beyond their control, even when the underlying operations remain viable.”
Both institutions agreed on the need for continued engagement with regulators, including the Bank of Ghana, to explore policy adjustments that support business recovery.
Strengthening Industry Resilience
CIRIP also briefed AGI on its ongoing initiatives, including planned seminars on non-performing loans and financing for distressed companies, as well as upcoming regional awareness campaigns.
The meeting reaffirmed the shared commitment of both institutions to protecting Ghanaian businesses, preserving jobs, and strengthening economic resilience through collaboration, advocacy, and professional support.
Looking Ahead
The engagement concluded on a positive note, with both CIRIP and AGI expressing optimism about the potential impact of their collaboration.
“Stronger collaboration between industry and professional bodies is key to building a resilient and sustainable business environment.”
