Ghana Delegation at INSOL African Roundtable Conference Maputo 2018

The Ghana Association of Restructuring and Insolvency Advisors (GARIA) delegation joined over 20 African Countries and representatives of the INSOL on 25th and 26th October 2018 for the Africa Roundtable Conference on insolvency reform jointly organized by INSOL International and the World Bank Group at Maputo, Mozambique.
Representing Ghana were; Dr. Felix Addo, President of GARIA and Former Country Senior Partner, PwC Ghana, Mrs. Jemima Oware, Registrar General, Mr. Jacob Saah, Managing Partner for Saah Partners and Secretary to the Commission of Inquiry – Regionalization, Mr. Eric Nipah, Partner PwC Ghana, Receiver for UT and Capital Bank.
This year’s event focused on the “Insolvency practitioners in a cross-border context Cross-border case law Available options for dealing with multinational insolvencies” among others.
Currently, Ghana is in the process of enacting the New Corporate Insolvency laws which will have administration provisions and schemes of arrangements, cross border Insolvency, and others geared towards improving the ease of doing business in Ghana. Sources revealed that government is very optimistic about the passage of the Corporate Insolvency Bill which is final drafting stages at the Attorney General’s office ready for Cabinet and onward to Parliament.
The Banks and Special Deposits Taking Institutions Act, 2016 Act 930 is fat advance with provisions for restructuring or administration, and proceeding for receivership and liquidation.



Also, under the Chairmanship of Prof. Justice Samuel Date-Bah, tasked to review the Companies Code 1963, Act 179, the new Bill is also before the Parliamentary Committee of Constitutional, Legal and Parliamentary Affairs under the Chairmanship of Hon. Abdellah Banda. According to sources closed to Committee, discussions were open to the public for inputs from key stakeholders which much has been taken into consideration.
The new Companies Bill yet to be enacted into law also takes care of administration. In addition, there is the abolition of the ultra-varies rule, creation of new company registry to many all business related activities which will be self-financed run by a board such as the Company House in London and several entities.
Meanwhile, since 2010, INSOL International and the World Bank Group have jointly hosted an Africa Round Table on insolvency reform. GARIA hosted the African Roundtable in 2016 in Ghana.