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Dr Srem-Sai explained that the new law established clear administrative procedures for restructuring struggling firms to help them remain viable and ultimately help to secure the nation’s financial stability.
The Deputy Attorney-General and Minister of Justice, Ghana, Dr Justice Srem-Sai, has cautioned that the country risks economic stagnation if as a nation, the West African country fails to foster trust-based partnerships between individuals with business ideas and those with financial capital.
He explained that many businesses collapsed because of mistrust between investors and entrepreneurs, leading to a disconnect that often undermines innovation, job creation and national growth.
He said this last Wednesday during a keynote address at a stakeholder sensitization forum on the enhanced legal framework for corporate insolvency in Ghana held in Accra.
The forum was organized by the Office of the Registrar of Companies (ORC) in collaboration with the International Finance Corporation (IFC) of the World Bank Group. It promoted understanding of the country’s Corporate Insolvency and Restructuring Act (CIRA), designed to protect businesses, creditors and workers.
Participants included legal experts, regulators and corporate leaders, who discussed strategies for sustaining financial stability through responsible business practices.
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Dr Srem-Sai explained that the new law established clear administrative procedures for restructuring struggling firms to help them remain viable and ultimately help to secure the nation’s financial stability.
