New CIRA Act to to revive struggling businesses-Acting Registrar of Companies
The new law, introduced by the Office of the Registrar of Companies (ORC), seeks to foster a more transparent, responsible, and fair business environment, while curbing systemic inefficiencies that have long plagued corporate insolvency management.
Ghana has unveiled a transformative legal framework — the Corporate Insolvency and Restructuring Act (CIRA) — aimed at revamping the nation’s business recovery system and providing distressed companies with structured opportunities for revival instead of closure.
The new law, introduced by the Office of the Registrar of Companies (ORC), seeks to foster a more transparent, responsible, and fair business environment, while curbing systemic inefficiencies that have long plagued corporate insolvency management.
Speaking at a stakeholder sensitization forum in Accra on October 8, 2025, Maame Samma Peprah, Acting Registrar of the ORC, emphasized that CIRA represents a shift from punitive liquidation practices to a rehabilitative model designed to help companies restructure, recover, and sustain operations.
The forum brought together key stakeholders including Dr. Justice Srem-Sai, Deputy Attorney General and Deputy Minister of Justice, and Kyle Kelhofer, Senior Country Manager for Ghana and Liberia at the International Finance Corporation (IFC).
Dr. Srem-Sai described the Act as a critical economic safeguard, asserting that it will not only protect creditors but also preserve employment and bolster investor trust.
He also highlighted one of the Act’s groundbreaking provisions — the elimination of unscrupulous intermediaries, often known as goro boys, who exploited legal loopholes for personal gain.
The IFC’s Kyle Kelhofer commended Ghana’s proactive stance, calling CIRA “a modern, predictable, and investor-friendly legal framework” that enhances business resilience and expands access to finance.
With CIRA now enacted, Ghana is positioning itself as a regional benchmark for corporate recovery and restructuring, ensuring that struggling enterprises can find sustainable pathways to regain stability, protect livelihoods, and restore confidence in the country’s business ecosystem.
