About GARIA

GARIA is an association of professionals with an interest in restructuring and insolvency established to play a leadership role in corporate restructuring, business recovery and insolvency advisory in Ghana. GARIA was incorporated as a company limited by guarantee under the Companies’ Act 1963 (Act 179) on 8th August 2006.

GARIA goals are

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

WHY GARIA IS RELEVANT?

It is well established that effective and efficient insolvency laws and institutions are critical for economic growth.

The World Bank Ease of Doing Business 2017 Report notes that “keeping viable businesses operating is among the most important goals of bankruptcy systems. A good insolvency regime should inhibit premature liquidation of sustainable businesses.”

This is because they promote the restructuring of viable but temporarily distressed businesses; efficient closure and transfer of the assets of businesses which are no longer viable; and proper winding up of businesses where the members for other reasons decide to cease operations.

  • In Ghana, many companies face serious financial problems and most financial institutions carry huge non-performing loan portfolios. The Bank of Ghana Summary of Macroeconomic and Financial Data as at 22 January 2018 revealed that Non-Performing Loans for the Banking Sector stood at 22.7% as at December 2017.
  • According to Bank of Ghana Banking Sector Report January 2018 the Private Sector NPLs accounted for 94.3 percent of NPLs (2016: 88.7 percent)

In such an environment, it is imperative that effective insolvency laws and institutions are established. These laws and institutions at the minimum must achieve the following objectives:

  • Encouragement of the restructuring of viable but financially troubled companies;
  • Maximization of the value of a debtor’s assets by providing an option to reorganize;
  • Prevention of the premature dismemberment of a debtor’s assets by individual creditors seeking quick recoveries;
  • Integration of the restructuring and insolvency system with the broader legal and business environment; and
  • Building capacity and improving the administration of insolvency proceedings.

It is within this context that GARIA was established to play a leadership role in the practice of corporate restructuring, business recovery and insolvency in Ghana.

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

Vision & Mission

“To be the professional body leading restructuring and insolvency matters in Ghana by 2021”

GARIA exists to set standards, preserve, restore and enhance economic value and capacity of professionals engaged in the business of restructuring and insolvency in Ghana

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.

FUNDING

  • 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.

GARIA in a minute

Panel AMCHAMGARIA

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.
Want to join us?
Register now to be part of us by signing up to the appropriate membership plan.

GARIA is a member of INSOL

GARIA

Platinum Partners