President John Dramani Mahama on Thursday voiced sharp criticism of financial mismanagement at GIHOC Distilleries Company Limited, a state-owned alcohol producer, questioning how the firm could remain unprofitable despite robust local demand.

Speaking at a May Day rally in Accra’s Independence Square, Mr. Mahama cited recent financial disclosures showing GIHOC posted back-to-back losses—GH₵25.1 million ($2.1 million) in 2022 and GH₵25.5 million in 2023—despite what he described as a thriving market for alcoholic beverages in the country.

“When I was president, GIHOC was making a profit,” he said. “Ghanaians drink alcohol when they’re happy and when they’re sad. So how can an alcohol company be in debt?”

His remarks underscore broader concerns about inefficiencies in Ghana’s state-owned enterprises. Mr. Mahama’s comments follow a March 13 briefing by Finance Minister Dr. Cassiel Ato Forson to executives of firms under the State Interest and Governance Authority (SIGA), where the GIHOC figures were formally disclosed.

The  president called for enhanced oversight and reforms to address what he characterized as systemic mismanagement within publicly owned entities.

Source:TheDotNews