Accra: The Office of the Registrar of Companies (ORC) says it will collaborate with stakeholders to ensure effective implementation of Ghana’s Corporate Insolvency and Restructuring Act (CIRA), 2020 (Act 1015). Mrs Maame Samma Peprah, Acting Registrar of Companies, expressed the ORC’s commitment to supporting institutions and businesses in understanding and applying the provisions of the Act, which aims to rescue viable but distressed companies through restructuring rather than liquidation.
According to Ghana News Agency, Mrs Peprah emphasized the ORC’s readiness to engage with stakeholders, offering to explain the Act’s details and assist in the dissolution or restructuring of companies. This announcement was made at a Stakeholder Sensitisation Forum on the Enhanced Legal Framework for Corporate Insolvency in Ghana, held in Accra. The forum, organized by the ORC and the International Finance Corporation, was themed ‘Strengthening Business Recovery and Creditor Confidence through Ghana’s Corporate Insolvency Regime.’
The event gathered regulators, financial institutions, legal practitioners, insolvency professionals, and business leaders to discuss the effective application of the Act and encourage dialogue towards a resilient private sector. The Acting Registrar highlighted the forum’s role in raising awareness of the Corporate Insolvency and Restructuring Act and its accompanying Regulations (L.I. 2502), approved by Parliament in March 2025.
The ORC is particularly focusing on the financial and private sectors, as many distressed firms often face challenges in accessing credit facilities necessary for recovery. Mrs Peprah emphasized that many struggling companies could be revived with proper engagement and structured loans. She also announced plans for sensitisation exercises targeting not only large firms but also small and medium enterprises, ensuring business owners understand proper procedures for setting up and dissolving companies.
Mr Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia, praised the Ministry of Justice, Parliament, the ORC, and the Bank of Ghana for their leadership in developing a modern insolvency framework. He stated that the new regime would safeguard businesses, protect jobs, and boost investor confidence, with restructuring allowing businesses to continue operations and support local economies.
Mr Kelhofer reaffirmed IFC’s commitment to supporting Ghana in implementing the framework, noting that similar reforms in countries like Vietnam and Moldova had revitalized numerous businesses. The Corporate Insolvency and Restructuring Act establishes a predictable system for managing corporate distress, licensing insolvency practitioners, and ensuring orderly closures for companies unable to recover.