The Governing Council of the Ghana Association of Restructuring and Insolvency Advisors has appointed Mr George Fosu as the Chief Executive Officer of the professional association with effect from 1st September 2022.
A statement issued in Accra yesterday quoted Mr Felix Addo, President of the association as saying that “Mr. Fosu takes over at a strategic time when the Ghana Association of Restructuring and Insolvency Advisors is being transitioned into the Chartered Institute of Restructuring and Insolvency Practitioners, in fulfilment of the Transitional Provisions of the Corporate Insolvency and Restructuring Act, 2020 (CIRA).
According to the statement the Act “provides that the association should be established under an Act of Parliament within two (2) years after the coming into force of the Corporate Insolvency and Restructuring Act.”
The purpose of this provision the statement said was to establish the organisation as a statutory body working in tandem with the Office of the Registrar of Companies to educate and certify Insolvency Practitioners with a professional code of conduct.
Mr Fosu for his part said the key and important goal of the insolvency professional was to the extent possible, preserve viable businesses that find themselves in a spot of financial distress.
He noted that the complexity of commercial arrangements; business financing; human resource management and preservation of property rights require highly competent, knowledgeable, and skilled professionals well-grounded in multiple disciplines to help with the navigation of insolvent businesses.
He pointed out that the CIRA fast-forwards Ghana into the 22nd Century and offers companies one of the most progressive business rescue regulatory regimes in the world.
“My vision of a forward looking progressive and innovative profession guided by an unforgiving ethical code of conduct, offering options for preserving value to companies, business owners and creditors for the common good of our economy is one that is enabled only because of the shoulders of giants that I am privileged to stand upon.
I look forward to building upon this foundation and accelerating implementation so that our economy may fully realise this awesome opportunity afforded by law to save viable but financially distressed businesses from liquidation especially, in these uncertain and unpredictable economic times”.
Mr Fosu has a 30-year track record across a variety of economic sectors and geographies (Cohen Arnold & Company-United Kingdom, Price Waterhouse-Ghana, PwC-South Africa, IBM-South Africa and Akanani Group of Companies-South Africa).
BY TIMES REPORTER
