'Strengthened GARIA is good for not just business but economy in general' - Sophia Akuffo

The Ghana Association of Restructuring & Insol­vency Advisors (GARIA) has sconcluded its week-long celebration with the 3rd Presi­dential Fundraising Dinner and Awards Night held in Accra.

The event brought together industry leaders, government officials, and guests to recognise outstanding achievements in the field of restructuring and insolvency

Former Chief Justice, Sophia A.B. Akuffo, Chairperson of the GARIA Trust Fund, in her opening remarks, noted that the economic realities of the times brought the relevance of GARIA into sharp focus.

“Clear regulations are invalu­able for holding professionals to high standards and for ensuring that the integrity of the insolven­cy process is maintained to pro­tect the interest of all stakehold­ers involved, including creditors, debtors and the public,” she said.

In its absence, she said, “the already overburdened courts becomes the point of reference for discerning and framing best practice standards which are neither desirable or appropriate for the development of an effi­cient and vibrant business rescue industry.”

She said, “A strengthened GARIA is good for not just business but the economy in general.”

Mr Felix Addo, President of GARIA, underscored the associ­ation’s dedication to promoting excellence in restructuring and insolvency.

He highlighted GARIA’s collaboration with stakeholders to protect creditors’ rights and contribute to Ghana’s economic growth.

Mr Addo emphasised GARIA’s active role in global dialogues on insolvency prac­tices, saying, “Over the past year, GARIA has been actively engaged in representing Ghana at various international forums.”

The Chief of Staff, Akosua Frema Osei-Opare, who spoke on behalf of President Nana Addo Dankwa Akufo-Addo, highlighted progress in passing the Corporate Insolvency and Restructuring Acts (CIRA) 2020.

She emphasised the trans­formative impact of the new company’s law (Act 992) and the ongoing parliamentary review of the corporate insolvency bill.

Ms Osei-Opare revealed that the CIRA 2020 bill had received cabinet approval and was now under consideration by parlia­ment.

“I am sure you would like to know where we are with regards to the CIRA bill. I can report that the bill under the Office of the Attorney General and Minister of Justice has received cabinet approval and has been referred to parliament for consideration, and I understand that very soon the constitutional, legal and parliamentary affairs will start work on this important bill,” she said.

The passage of the CIRA 2020 bill would mark a significant milestone, transforming GARIA into a Chartered Institute of Restructuring and Insolvency Practitioners.

This institute aims to elevate professional standards and ex­pertise in the field, contributing to Ghana’s legal framework and business practices.

The highlight of the evening was the presentation of the GARIA Excellence Awards, recognising individuals and organisations making significant contributions to the industry.