Business

George Fosu appointed CEO of Ghana Association of Restructuring and Insolvency Advisors

George Fosu has a 30-year background in a range of industries and regions (Cohen Arnold & Company-United Kingdom, Price Waterhouse-Ghana, PwC-South Africa, IBM-South Africa and Akanani Group of Companies-South Africa). With degrees from Henley Business School and Oxford University, George is a Fellow of the Association of Chartered Certified Accountants (United Kingdom) and a Member of the Institute of Chartered Accountants (Ghana) (United Kingdom). He was trained as a chartered accountant and has expertise in organizational restructuring, business transformation, governance, and institutional reform in complex stakeholder situations.

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Felix Addo, the association’s president, observes that George assumes leadership at a crucial moment as the Ghana Association of Restructuring and Insolvency Advisors transitions into the Chartered Institute of Restructuring and Insolvency Practitioners, in accordance with the Transitional Provisions of the Corporate Insolvency and Restructuring Act, 2020 (CIRA), which mandates that the association be established under an Act of Parliament within two (2) years after the date of the CIRA’s enactment.

The purpose of this provision is to establish the organization 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 “George’srich experience and expertise will serve the associationwell as it transitions to a worldclass professional association of Insolvency Practitioners.”

According to George Fosu, the primary objective of the insolvency professional is to maintain as many viable enterprises as possible that are in a financial bind. He points out that in order to navigate the waters of insolvent businesses, highly competent, knowledgeable, and skilled professionals well-grounded in multiple disciplines are required due to the complexity of commercial agreements, business financing, human resource management, and preservation of property rights. He emphasizes that CIRA propels Ghana into the twenty-first century and provides businesses of all sizes with one of the most cutting-edge business rescue regulatory frameworks in the world.

“Only because I have the privilege of standing on the shoulders of giants can I realize my vision of a profession that is forward-looking, progressive, and innovative, one that offers options for preserving value to businesses, business owners, and creditors for the benefit of our economy as a whole.

I’m excited to build on this foundation and speed up implementation so that our economy can fully take advantage of this fantastic opportunity provided by the law to prevent the liquidation of viable but financially struggling businesses, particularly in these unsettling and unpredictable economic times.

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