Mahama questions GIHOC losses: “How can you sell alcohol and be in debt?”
President John Dramani Mahama has questioned how GIHOC Distilleries Company Limited could record back-to-back financial losses despite the high demand for alcoholic beverages in Ghana.
Speaking at the May Day parade at Independence Square in Accra on Thursday, May 1, President Mahama expressed disbelief over recent reports indicating that GIHOC incurred losses of GH₵25.1 million in 2022 and GH₵25.5 million in 2023.
“How can you sell alcohol and be in debt?” he asked pointedly. “When I was president, GIHOC was making a profit. Ghanaians, when we are happy, we drink alcohol, when we are sad, we drink alcohol—so how can an alcohol manufacturing company make losses?”
The former president used the GIHOC example to underscore wider concerns about inefficiency and mismanagement within state-owned enterprises. He called for greater transparency, professionalism, and accountability from leadership in the public sector.
His remarks follow recent disclosures by Finance Minister Dr. Cassiel Ato Forson during a March 13 meeting with CEOs of state enterprises under the State Interests and Governance Authority (SIGA), where GIHOC’s financial performance was discussed.
Once a profitable venture under previous administrations, GIHOC’s current fiscal trajectory has become a symbol of what many critics describe as poor corporate governance within key state institutions.
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