By Jibril Abdul Mumuni
Accra, Oct. 8, GNA – More than 100 newly inducted insolvency and restructuring practitioners have been tasked with supporting business recovery and restructuring distressed companies.
The professionals, drawn from the legal, banking, law enforcement and accountancy professions, completed specialised training in insolvency, liquidation, receivership and corporate restructuring.
The Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP), which inducted the professionals, said they would help strengthen Ghana’s capacity to manage business distress and recovery.
Among those inducted were Nana Ato Dadzie, statesman, and Maame Tiwaa Addo-Danquah, Adviser to the Minister for the Interior.
Addressing the induction ceremony, Justice Baffoe-Bonnie, Chief Justice, said practitioners must combine technical expertise with sound judgement, independence, integrity and courage in carrying out their responsibilities.
“You must distinguish between a business that deserves a genuine opportunity to recover and one whose continued existence merely postpones an inevitable failure,” he said.
Justice Baffoe-Bonnie said insolvency and restructuring proceedings carried significant economic and social consequences and therefore required a careful and balanced approach.
He urged practitioners to prioritise the preservation of jobs and livelihoods where possible during insolvency and restructuring processes.
“Behind an employee’s salary is a family. Behind a creditor’s claim may be another business struggling to survive. Behind an investment may be someone’s lifetime of work and savings. Insolvency is therefore not merely an accounting exercise,” he said.
“It is a human undertaking governed by law. That is why the profession demands not only competence but also character,” Justice Baffoe-Bonnie added.
In an interview with the Ghana News Agency, Nana Ato Dadzie said volatile economies required insolvency and restructuring professionals to support viable businesses facing temporary financial difficulties.
He said unforeseen economic downturns could affect the profitability of companies, making restructuring and additional financing necessary.
“You know, people embark on genuine business ventures and, along the way, encounter challenges. We should not simply liquidate such businesses and allow them to lose their investments and livelihoods,” he said.
“In the type of economy we operate, it is necessary to protect and attempt to save companies that are in distress. Our first reaction should not be to liquidate them. Where there is a realistic prospect of recovery, efforts should be made to restructure and support,” he said.
GNA
Edited by Kenneth Sackey
8 Oct. 2026
Reporter: Jibril Abdul Mumuni
Email: [email protected]