The Office of the Registrar of Companies (ORC) has pledged closer collaboration with key stakeholders to ensure the effective implementation of Ghana’s Corporate Insolvency and Restructuring Act (CIRA), 2020 (Act 1015).
Mrs. Maame Samma Peprah, Acting Registrar of Companies, said the ORC remained committed to helping businesses and institutions fully understand and apply the provisions of the Act, which aims to rescue viable but distressed companies through restructuring rather than liquidation.
“The ORC is ready to work with all stakeholders. At the call of any stakeholder, we will make ourselves available to explain the Act’s details and assist in properly dissolving or restructuring companies,” she said.
Mrs. Peprah made the remarks at a Stakeholder Sensitisation Forum on the Enhanced Legal Framework for Corporate Insolvency in Ghana, held in Accra. The event was jointly organised by the ORC and the International Finance Corporation (IFC) under the theme: “Strengthening Business Recovery and Creditor Confidence through Ghana’s Corporate Insolvency Regime.”
Mrs. Peprah explained that the engagement sought to raise awareness of both the Corporate Insolvency and Restructuring Act and its accompanying Legislative Instrument (L.I. 2502), which was approved by Parliament in March 2025.
She said the ORC was particularly focusing on the financial and private sectors, where many distressed companies often face challenges accessing credit facilities to aid recovery.
“Not all companies that are falling are beyond recovery. With the right engagement and structured loans, many can be resuscitated,” she noted.
The Acting Registrar added that the ORC would intensify sensitisation efforts across the country, targeting not only large corporations but also small and medium enterprises (SMEs), to ensure that business owners understood the proper legal procedures for setting up, restructuring, or dissolving companies.
Mr. Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia, commended the Ministry of Justice, Parliament, the ORC, and the Bank of Ghana for their leadership in developing a modern and comprehensive insolvency framework.
He said the implementation of the new regime would safeguard viable businesses, protect jobs, and enhance investor confidence.
“When viable businesses restructure instead of collapsing, workers remain employed, suppliers continue to trade, and local economies thrive,” Mr. Kelhofer said.
He reaffirmed IFC’s commitment to supporting Ghana in rolling out the insolvency framework, citing similar reforms in countries such as Vietnam and Moldova that have revitalised hundreds of struggling businesses.
The Corporate Insolvency and Restructuring Act (CIRA) establishes a predictable system for managing corporate distress, licensing insolvency practitioners, and ensuring orderly closure for non-viable firms, an approach expected to strengthen Ghana’s business environment and boost economic resilience.
The forum brought together regulators, financial institutions, legal practitioners, insolvency professionals, and business leaders to deliberate on the effective application of the Act and to foster dialogue towards a more resilient and sustainable private sector.
