Prioritize restructuring over liquidation - Godfred Dame appeals to companies

The Attorney-General and Minister of Justice, Godfred Yeboah Dame, has recommended some tips to Ghanaian companies on how to navigate hard times.

In a speech delivered on his behalf by the Deputy Attorney-General, Diana Asonaba Dapaah, he urged companies to prioritize survival over liquidation.

He noted a trend where most companies prefer to fold up when challenges arise and appealed to them to explore restructuring and revival measures in the face of challenges.

Godfred Dame noted that the liquidation of companies impacts the Ghanaian economy negatively and that it is imperative that priority is given to revival measures.

“We must recognize the importance of a rescue culture that prioritizes restructuring over liquidation, and so a company's initial response to any distress should not be immediate liquidation as this can negatively impact both the private sector and the broader economy.

“Instead, skilled professionals should prioritize saving businesses through very well-structured efforts,” he said at the opening day of a two-day workshop dubbed: “Business Rescue 101”.

SA/EK

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