Mahama Questions Gihoc’s Debt Status Amid Soaring Alcohol Demand

/ President raises concerns about mismanagement of state-owned enterprises at 2025 May Day celebration.

Accra, Ghana — President John Dramani Mahama has expressed dismay over the persistent financial woes of state-owned enterprises (SOEs), particularly highlighting GIHOC Distilleries, a leading producer of alcoholic beverages in Ghana.

Mahama raises concerns over GIHOC’s financial troubles amid booming demand for
alcoholic beverages.

Speaking at the 2025 May Day celebrations on Thursday, May 1, Mahama said it was baffling that GIHOC remains heavily indebted, despite operating in a country where alcohol consumption remains consistently high.

“Even companies like GIHOC Distilleries, when I was president, they used to pay a small dividend to the government. Today, they also owe,” Mahama lamented.
“How can you sell alcohol and be in debt?”

With a touch of humour, the President added:

“When Ghanaians are happy, we drink alcohol. When we’re sad, we drink. When we’re neither happy nor sad, we still drink. So how can you sell alcohol and make a loss?”

The president’s remarks followed a financial report presented by SIGA (State Interests and Governance Authority), which revealed that nearly all state-owned enterprises are operating in debt.

Despite their strategic role in national development, many of these institutions have struggled with inefficiencies, overstaffing, corruption, poor management, and a lack of innovation—factors that continue to drain state resources and undermine economic productivity.

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Mahama appealed to both management and workers of SOEs to rise to the occasion and adopt strategies that will transform them into profitable, self-sustaining institutions.

“Let’s work together to make these institutions viable, because these institutions belong to us,” he urged.

The President’s comments have reignited debate on social media, with many Ghanaians questioning how a company with steady consumer demand like GIHOC could be financially struggling, and calling for a forensic audit of its operations.

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