President John Dramani Mahama
President John Dramani Mahama has expressed shock at GIHOC Distilleries Company Limited’s financial difficulties, wondering how an alcohol manufacturer could suffer such large losses in face of robust local demand.
Speaking to employees during Thursday, May 1st’s May Day procession in Accra’s Independence Square, President Mahama cited new data showing GIHOC Distilleries experienced losses in 2022 and 2023.
Mahama noted that with Ghana’s steady and increasing demand for alcoholic beverages, the issue was particularly worrisome.
“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 questioned.
He urged for greater accountability and used the example to draw attention to more general worries about poor management in state-owned businesses.
His comments follow a revelation made by Finance Minister Dr Cassiel Ato Forson on March 13 in a meeting with the CEOs of specific State Interest and Governance Authority (SIGA) firms.
The Finance minister claims that GIHOC Distilleries lost GH₵25.1 million in 2022 and an additional GH₵25.5 million in 2023.
KA
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