The Ghana Association of
Restructuring and Insolvency Advisors (GARIA) has unveiled the maiden edition
of the Corporate Insolvency and Restructuring Journal, marking a significant
step forward in enhancing thought leadership in the business framework space in
Ghana.
Ghana's journey towards
an improved business environment has been punctuated by key legislative
milestones, including the enactment of the Companies Act in 2019 and the
Corporate Insolvency and Restructuring Act in 2020, of which GARIA has been at the forefront of advocacy,
with the support by the Office of the Attorney-General and Ministry of Trade
and Industry, various development and foundation partners and corporates.
This historic launch which
kicks-off GARIA celebrations comprising seminars, workshop and a Gala
Presidential Awards Night on 11 November 2023 is a testament to Ghana’s
commitment to fostering a more robust and supportive business environment
through education, research, and advocacy in the field of corporate insolvency
and restructuring. The journal is poised to play a pivotal role in shaping the
future of Ghana’s corporate insolvency and restructuring landscape.
Elsie Addo Awadzi, Editor-In-Chief
of the Maiden Journal and 2nd Deputy Governor of the Bank of Ghana in launching
the Journal in Accra yesterday, noted that GARIA is privileged under the Corporate
Insolvency and Restructuring Act,
2020 (ACT 1015) to
be recognised as the professional body for insolvency practitioners.
“I felt that the next
step would be for GARIA to start a mouthpiece for intellectual discourse, for
intellectual workmanship in terms of helping to develop our jurisprudence and
our practice in this area."
She emphasized the
importance of this journal in shaping a more supportive culture of business
rescues and restructuring in Ghana and noted that the Corporate Insolvency and Restructuring Journal
is not supposed to be a law journal but a multidisciplinary publication
designed to stimulate discussions and incubate ideas to strengthen Ghana's
insolvency and restructuring industry. It also aims to shape policy,
legislation, and jurisprudential underpinnings of the market-based economy in
the country.
George Fosu, CEO of GARIA,
shared insights into the significance of the Corporate Insolvency and
Restructuring Journal. He stated, "The then Companies Act 1963 (Act
179) was quite inadequate to address the trajectory that Ghana was on in the
context of its integration into the global economy. The Companies Act and the Official
Liquidation Bodies Corporate Act, 1963 (Act 180) provisions did not provide any
room for resuscitating businesses that were viable but had incurred some sort
of financial distress."
Mr. Fosu also emphasized
the journal's role in simplifying complex concepts and making them accessible
to a broader audience, ensuring maximum readership and benefit.
Mr. Felix Addo, President
of GARIA, reflected on the Association's journey since 2006, stating, "We've
come a long way since 2006, and it's a momentous occasion. Tonight, we have a
diverse audience, including lawyers, members of the judiciary, accountants,
bankers and others. Our focus is on restructuring distressed companies at the
company level."
He highlighted the
distinction between restructuring at the national or souvereign level and the GARIA’S focus on
helping distressed companies.
Professor Emeritus Albert
Fiadjoe, Chairman of the launch of the maiden edition of the Corporate
Insolvency and Restructuring Journal, uderscored the importance of education,
training, research, and advocacy in promoting business rescue practice. He
praised the enthusiastic support received from GARIA members and the editorial
board for establishing the journal.
The Corporate Insolvency
and Restructuring Journal's keynote speaker, Professor Philip Ebow
Bondzi-Simpson, Vice Chancellor of the Methodist University, and former Dean of
the University of Cape Coast Business School and Rector of GIMPA, emphasized
the necessity of corporate solvency and restructuring for corporate entities
facing financial distress. He discussed the legal framework, capacity building
for practitioners, and the importance of a platform for knowledge sharing.
Prof. Bondzi-Simpson
commended the journal for its role in educating laypersons and business
practitioners about sound practices and current trends. He noted that the
journal's capacity-building aspect would clarify roles, regulations, and needs
of qualified solvency practitioners.
The inaugural edition of
the Corporate Insolvency and Restructuring Journal features 11 high-quality
articles contributed by eminent academics, practitioners, jurists, and experts
from Ghana, Canada, Nigeria, and South Africa. These articles cover a wide
range of insolvency and restructuring-related topics and are designed to be
accessible to a broad audience, including students, practitioners, professionals,
and researchers.The Journal is intended to be published bi-annually.