GIHOC Distilleries has cited the COVID-19 pandemic as a key factor behind delays in the revival of the Aboso Glass Factory, as it disrupted crucial contractual agreements. Despite these challenges, the company is confident that operations will begin by 2025.

Speaking to Citi Business News, Kofi Jumah, the Managing Director of GIHOC Distilleries, revealed that negotiations with investors are over 80% complete. Once finalized, these discussions are expected to secure more than $100 million in funding to restore the factory.

“We made significant progress and could have started production about two years ago. However, during the COVID period, most of the companies we were working with, especially in Italy, withdrew. This setback forced us to restart negotiations after the pandemic, causing delays,” Jumah explained.

He added, “According to our consultant, we are now 80 to 90 percent through with the necessary paperwork, and preparations are underway to begin operations.”

Jumah noted that given the current political climate, it is likely that full-scale activities will commence after the upcoming elections. He stated, “No one wants to commit $100 million at a time like this.”

The Managing Director also urged Ghanaians to prioritize locally manufactured products to reduce reliance on imports, which places pressure on the local currency.

“As a nation, we need to adopt a mindset of supporting Ghanaian-made products out of national pride. Every time we buy imported goods, we create jobs abroad instead of at home,” he emphasized.

He further criticized the use of foreign exchange to purchase non-essential items like bottled water, arguing that such practices harm the country’s already strained foreign reserves.

Source: TheDotNews