Business insolvency practitioners are engaging the Bank of Ghana on measures to enable distressed but viable companies undergoing restructuring to access fresh working capital.
This is being led by the Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP), which says the lack of post-commencement financing remains one of the major obstacles to successfully rescuing distressed businesses in Ghana.
The Institute says while Ghana’s business rescue framework provides a pathway for companies to restructure their operations and avoid liquidation, businesses that enter administration often struggle to secure the funding needed to continue operating and turn their fortunes around.
CIRIP President, Felix Addo, tells Citi…