The government has announced plans to overhaul GIHOC Distilleries Company Limited to improve its operational capacity, create jobs, and support the 24-hour economy initiative.
Minister of Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, shared the news during a working visit to the company on Friday. She reaffirmed the government’s commitment to supporting GIHOC’s growth and sustainability, while seeking ways to increase productivity, create more employment opportunities, and expand exports to strengthen foreign exchange and mitigate inflation.
Established in 1958, GIHOC is a state-owned distillery specializing in alcoholic beverages. However, the company faces a GHS 300 million debt and struggles with outdated machinery, despite having a capable workforce.
Ofosu-Adjare acknowledged the company’s reputation for quality products both locally and internationally and expressed the government’s willingness to provide the necessary support, including financing, updated machinery, and workforce development. She stressed the importance of modernizing GIHOC to take full advantage of the 24-hour economy, operate in three shifts, and tap into international trade agreements like the AfCFTA, as well as UK and EU markets.
Acting CEO of GIHOC, Jones Borteye Applerh, expressed optimism that the revitalization efforts would significantly contribute to Ghana’s economic transformation. He highlighted the company’s challenges, including the reliance on machinery dating back to 1964, unsustainable debt, and limited marketing efforts. Applerh reiterated GIHOC’s management’s commitment to working with the Ministry of Trade to attract more investment and boost exports, which could help reduce inflationary pressures.
Source :TheDotNews