On September 22, 2026, the Chartered Institute of Restructuring and Insolvency Practitioners, Ghana (CIRIP), marked its 20th anniversary with a landmark public lecture at the British Council, Accra. Themed “Rescue, Reform, Renewal: Leading Business Restructuring and Future Economic Growth in Ghana”, the event convened government officials, members of the judiciary, regulators, bankers, business leaders, development partners, and the media to reflect on two decades of progress in Ghana’s insolvency and restructuring landscape.
Representing AmCham Ghana, Jane Okyere-Aduachie, Manager, Membership, External Relations and Special Projects, delivered a goodwill message on behalf of the Chamber, congratulating CIRIP on its remarkable journey over the past two decades and its invaluable contribution to strengthening Ghana’s business and regulatory environment.
In her remarks, she noted that through sustained advocacy, deep collaboration, and an unrelenting belief in Ghana’s economic potential, AmCham Ghana and CIRIP achieved what many thought was impossible; the passage of three landmark business laws:
- The Companies Act, 2019 (Act 992), which modernized our company law;
- The Corporate Insolvency and Restructuring Act, 2020 (Act 1015), which for the first time introduced business rescue mechanisms — administration, restructuring plans, creditor moratoriums, and post-commencement financing; and
- The CIRIP Act, 2024 (Act 1117), which transformed GARIA into the Chartered Institute of Restructuring and Insolvency Practitioners, Ghana — a statutory body to regulate and advance insolvency practice in Ghana.
She commended the Institute for championing reforms that promote business rescue over liquidation, thereby preserving businesses, protecting jobs, safeguarding investments, and supporting economic stability.
Achievements and Milestones
Chief Dr. Alhassan Andani, delivering the keynote, praised CIRIP’s transformation from GARIA into a statutory chartered institute under Act 1117 (2024). He highlighted:
- Passage of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015).
- Training and licensing of insolvency practitioners.
- Launch of the Corporate Insolvency and Restructuring Journal.
Membership now exceeds 636 professionals across law, accountancy, banking, and corporate disciplines, underscoring CIRIP’s multidisciplinary strength.
Challenges and Gaps
Despite progress, Chief Andani noted that administration remains underutilized—only three companies entered administration in the first four years of the law compared to over 400 liquidations. Barriers include limited capacity, weak rescue financing, lack of awareness, institutional delays, and unreliable data.
National Business Rescue Agenda
Looking forward, CIRIP’s agenda is bold:
- Establishing an Insolvency and Business Rescue Observatory with annual dashboards.
- Creating specialised courts with time-bound processes.
- Making rescue finance bankable.
- Introducing early warning systems.
- Developing SME-friendly rescue procedures.
- Professionalising implementation standards.
The call was clear: viable businesses must be preserved, jobs protected, and economic confidence strengthened.
Media and Stakeholder Engagement
CIRIP President Felix Addo urged the media to educate businesses that financial distress does not necessarily mean collapse. He recalled avoidable failures such as Ghana Airways, which employed over 2,000 people and operated in 16 countries before liquidation. Rescuing struggling businesses, he stressed, is critical to protecting jobs, preserving investments, sustaining tax revenues, and preventing supply chain disruptions.
Chairman’s Reflections
Professor Emeritus Ato Ghartey, chairing the lecture, offered a reflective address. Drawing on a school ode from his youth, he emphasized gratitude to CIRIP’s founders, especially Dr. Felix Addo, and urged members to “give nothing but our best.”
He unpacked the anniversary theme, noting that the exclamation marks in “Rescue! Reform! Renewal!” signal urgency akin to emergency action. He linked this to Ghana’s banking crisis (2017–2020) and warned of the social chaos when businesses that could be saved are left to die.
Dr. Pamela Graham, the Auditor General of Ghana expressed the commitment of GARIA now CIRIP for the remarkable contribution in supporting the passage of the The first was the enactment of the Companies Act, 2019 (Act 992), which modernised Ghana’s company law framework.
The second and most significant achievement was the passage of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), a transformative piece of legislation that fundamentally changed Ghana’s approach to corporate distress. She also thanked Felix Addo for all his support over the years in sustaining the institute. She added that as a member of the Institute she tasked all professionals to continue to support the institute in other to wholistically help viable but distressed businesses in Ghana.
Shared Responsibility
The lecture concluded with a message of collective responsibility: government, judiciary, regulators, banks, directors, practitioners, universities, and the media must all contribute to building a rescue culture. CIRIP’s first twenty years laid the foundation; the next twenty must prove the structure by turning reform into measurable resilience and renewal for Ghana’s economy.
Meanwhile, CIRIP is hosting its Anniversary Masterclass and Induction ceremony for Practitioners on Tuesday 6 October 2026, 8:30 to 5:30pm inviting all professionals to take part in these events.
