![]() In addition, he encouraged licensed insolvency practitioners to stay informed about global developments as the increasing level of globalisation meant that events occurring in other parts of the world could have local consequences.Īt the event, which saw the induction of over 160 members to the institution’s roll of licensed IPs, the Registrar of Companies, Jemima Oware, reiterated the need for inter-agency collaboration across the financial spectrum – banking, accounting, taxation, insurance and securities – as well as with the judiciary to promote efficiency in the application of the Corporate Insolvency and Restructuring Act (CIRA). The Bank of Ghana, however, will not hesitate to rely on licensed professionals of the Ghana Association of Restructuring and Insolvency Advisors (GARIA) in the event of any future occurrences.” “I want to stress that the resolution of banks and SDIs is subject to the special resolution regime established for banks and SDIs under Act 930. Amoako said though the BoG operates in a specialised segment, the bank will not hesitate to seek the assistance of licensed insolvency practitioners if the need arises. ![]() In a speech delivered by the Bank of Ghana’s Head of Resolution Office, Elliot Amoako, on behalf of the governor, Mr. Yeboah said.įurthermore, he expressed his belief that the expertise of well-trained insolvency practitioners would be highly sought after, given the current global economic conditions and the growing complexity of the business environment. “Where a business can be saved by restructuring, every effort should be made by skilled professionals to save it by restructuring it therefore, there is now the need to encourage lawyers, accountants and bankers to take an interest in the restructuring profession,” Mr. Alfred Tuah-Yeboah, at the induction ceremony for the second cohort of insolvency practitioners organised by the Ghana Association of Restructuring and Insolvency Advisors (GARIA). ![]() The minister’s remarks were delivered by his deputy, Mr. In his keynote address, he stated that the primary objective when dealing with struggling businesses should not be liquidation, but efforts should be made to rescue and preserve distressed viable companies whenever possible, considering the impact on employment and other factors.
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