Accra, Nov. 2, GNA – The Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP) has called for mandatory use of certified professionals in managing distressed businesses to strengthen corporate recovery and protect creditors’ interests.
The Institute said qualified practitioners were essential to preserving viable enterprises, protecting jobs and maximising returns to creditors and investors amid increasingly complex corporate distress situations.
Mr Felix Addo, President of CIRIP, made the call at the Institute’s 20th Anniversary Celebration and Fourth Presidential Awards and Dinner in Accra, held under the auspices of President John Dramani Mahama.
He said specialised expertise and adherence to professional standards were necessary to ensure fair and efficient restructuring and insolvency processes.
Mr Addo said certified practitioners had the technical knowledge and ethical grounding to manage restructuring, receivership and insolvency proceedings within the country’s legal and regulatory framework.
He urged regulators, financial institutions and state agencies to work closely with recognised professionals to strengthen confidence in Ghana’s business rescue and insolvency system.
Although Ghana had made progress in improving its insolvency framework, Mr Addo said, its effectiveness depended largely on the competence of professionals entrusted with its implementation.
He called for sustained investment in professional education and capacity building to expand the pool of certified practitioners available to meet the growing needs of the economy.
Prof Emeritus Albert Fiadzo, Chairperson for the occasion, also called for stronger professional standards in the insolvency and restructuring industry.
He said institutions responsible for appointing insolvency practitioners should recognise the value of certification and specialised training in promoting transparency, accountability and professionalism.
Prof Fiadzo said a robust insolvency regime was essential for promoting entrepreneurship, encouraging responsible lending and supporting long-term economic growth.
He urged the government and private sector to support initiatives to develop the next generation of restructuring and insolvency professionals.
The anniversary celebration brought together legal practitioners, accountants, bankers, policymakers and business leaders. Organisations and individuals were also honoured for their contributions to the development of the Institute.
GNA
Edited by Kenneth Sackey