GARIA's 3rd presidential dinner shines a spotlight on Ghana's restructuring and insolvency landscape

The Ghana Association of Restructuring & Insolvency Advisors (GARIA) successfully concluded its week-long celebration with the 3rd Presidential Fundraising Dinner and Awards Night.

Institutions and individuals honoured for their contribution towards GARIA and the development of  insolvency practice in the country.

The prestigious event convened industry leaders, government officials, and distinguished guests to acknowledge outstanding achievements in the realm of restructuring and insolvency.

The evening commenced with a vibrant cocktail reception, fostering valuable networking opportunities among attendees eagerly anticipating the main ceremony. Her Ladyship Justice Sophia A.B. Akuffo, Chairperson of the GARIA Trust Fund, delivered the opening remarks, emphasizing the vital relevance of GARIA in contemporary economic realities.

Justice Akuffo underscored the importance of clear regulations, stating, "Clear regulations are invaluable for holding professionals to high standards and ensuring the integrity of the insolvency process to protect the interests of all stakeholders, including creditors, debtors, and the public."

Mr. Felix Addo, President of GARIA, delivered an inspirational speech, highlighting the association's commitment to promoting excellence in restructuring and insolvency. He emphasized GARIA's active engagement in global dialogues on insolvency practices, citing their representation of Ghana at various international forums.


Chief of Staff, Akosua Frema Osei-Opare, speaking on behalf of President Nana Addo Dankwa Akufo-Addo, provided insights into the progress of the Corporate Insolvency and Restructuring Acts (CIRA) 2020. She emphasized the transformative impact of the new company’s law (Act 992) and the ongoing parliamentary review of the corporate insolvency bill. Osei-Opare revealed that the CIRA 2020 bill had received cabinet approval and was under consideration by parliament.

The potential passage of the CIRA 2020 bill marks a significant milestone, propelling GARIA into a Chartered Institute of Restructuring and Insolvency Practitioners. This transformation aims to elevate professional standards and expertise, contributing to Ghana's legal framework and business practices.

The event also served as a fundraising platform for GARIA's future initiatives, including expanding training programs, organizing more industry conferences, and supporting distressed businesses. A silent auction of the GARIA Journal allowed attendees to bid on exclusive items, further contributing to the association's cause.

The highlight of the evening was the presentation of the GARIA Excellence Awards, recognizing individuals and organizations making significant contributions to the industry. Notable sponsors and partners received acknowledgment for their support. Among the awardees were prominent organizations such as MTN Ghana, Guinness Ghana Breweries PLC, Cocacola Bottling Company, and others.


Special recognition for outstanding contributions to insolvency practice went to individuals like Her Ladyship Justice Gertrude Araba Esaaba Torkornoo, Her Ladyship Justice Sophia A.B. Akuffo, Prof. Ebow Bondzi-Simpson, Audrey Naa Dei Kotey, and Adelaide Benneh Prempeh.

Certificates of partnership were presented to key entities, including the Ghana Bar Association (GBA), Chartered Institute of Bankers Ghana (CIB Ghana), and the America Chamber of Commerce Ghana (AMCHAM).

The event also recognized the writers for the maiden Insolvency Journal, acknowledging their valuable contributions to the field. Writers such as Akua Essuman-Ocran, Dr. Eric Levenstein & Brandon Starr, Anthony Idigbe, and others were honored for their insightful contributions.

The 3rd Presidential Fundraising Dinner and Awards Night by GARIA celebrated excellence, fostered collaboration, and showcased the significant strides in restructuring and insolvency in Ghana.



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