President John Dramani Mahama has expressed disbelief over the financial struggles of GIHOC Distilleries Company Limited, questioning how an alcohol-producing firm could incur significant losses despite strong local demand.
Addressing workers at the May Day parade held at Independence Square in Accra on Thursday, May 1, President Mahama referenced recent reports indicating that GIHOC Distilleries recorded financial losses in both 2022 and 2023.
Mahama said the situation was especially concerning given the high and consistent demand for alcoholic beverages in Ghana.
“How can you sell alcohol and be in debt? When I was president, GIHOC was making a profit. Because Ghanaians, when we are happy, we drink alcohol, when we are sad, we drink alcohol, so how can an alcohol manufacturing company make losses?” he asked.
He used the example to highlight broader concerns about mismanagement within state-owned enterprises and called for stronger accountability.
His remarks come after a disclosure by Finance Minister Dr. Cassiel Ato Forson during a meeting with the Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on March 13.
According to the Finance Minister, GIHOC Distilleries reported a loss of GH₵25.1 million in 2022 and a further GH₵25.5 million in 2023.
