President John Mahama has questioned the financial struggles of GIHOC Distilleries Company Limited (GIHOC), despite the high demand for alcoholic beverages in Ghana.
He raised the concern while addressing workers at the May Day parade held at Independence Square in Accra on Thursday, May 1.
The President cited recent reports indicating that GIHOC Distilleries incurred financial losses in both 2022 and 2023.
“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.
President Mahama further highlighted broader concerns about mismanagement within state-owned enterprises and called for stronger accountability.
The Finance Minister, Dr. Cassiel Ato Forson, raised similar concerns in March 2025.
Speaking at the President Mahama Meets CEOs of Specified Entities under SIGA event, Dr. Forson revealed that GIHOC Distilleries recorded a loss of GH¢25.1 million in 2022 and GH¢25.5 million in 2023, further adding to the financial woes of state-owned enterprises (SOEs).
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