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Private alcohol businesses booming , but state-owned Gihok Distilleries lost GH¢50 million from 2022 to 2023 – Finance Minister
Mar 13, 2025
The Minister of Finance, Dr Cassiel Ato Forson has raised concerns over the persistent losses of GIHOC Distilleries Company Limited, a state-owned alcohol producer, despite strong demand for alcoholic beverages in Ghana.
Speaking at the President Mahama Meets CEOs of Specified Entities under SIGA event in Accra on March 13, 2025, Dr Forson revealed that GIHOC Distilleries recorded a loss of GH¢25.1 million in 2022 and GH¢25.5 million in 2023, adding to the financial struggles of state-owned enterprises (SOEs).
“Mr President, this one surprises me. Even the alcohol-making company, the alcohol-making company is making losses, losses,” he said, pointing out the irony of an alcohol business failing in a thriving market.
GIHOC's struggles add to the wider financial crisis facing SOEs, with major institutions such as the Electricity Company of Ghana (ECG), Ghana Grid Company (GRIDCo), and COCOBOD also reporting heavy losses.
From profit to collapse: More state-owned enterprises failing
Dr Forson also revealed that the Ghana Ports and Harbours Authority (GPHA), once one of the few profitable SOEs, has now joined the list of loss-making entities.
He noted that in 2018, GPHA was one of only two SOEs paying dividends, but by 2024, it had started making losses.
He stated that in 2024, only three SOEs, State Housing Company, Ghana Reinsurance Company, and TDC, paid dividends, contributing just GH¢28.7 million in total.
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