“How Can You Sell Alcohol and Still Be in Debt?” – Mahama Questions GIHOC

President John Dramani Mahama has expressed shock over the continued financial losses recorded by GIHOC Distilleries Company Limited, questioning how a company that produces alcoholic beverages—a product with consistently high demand in Ghana—could be operating at a deficit.

Speaking at the May Day celebration at Independence Square in Accra on Thursday, May 1, Mahama reacted to recent reports indicating that GIHOC posted 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. “When I was president, GIHOC was making a profit. Ghanaians drink alcohol whether they are happy or sad, so how can an alcohol manufacturing company make losses?”

Mahama used GIHOC’s financial struggles to underscore concerns about mismanagement within state-owned enterprises and emphasized the need for increased accountability and oversight.

His comments followed a recent disclosure by Finance Minister Dr. Cassiel Ato Forson, who revealed the losses during a March 13 meeting with the Chief Executives of entities under the State Interest and Governance Authority (SIGA).