Officials of the National Security have arrested the Former Managing Director of GIHOC Distilleries, Maxwell Kofi Jumah.
The former Asokwa lawmaker was arrested at his residence in Kumasi in the Ashanti Region on Sunday, June 29.
He is being investigated for alleged financial misconduct, including the unauthorised sale of assets and questionable vehicle acquisitions during his tenure at GIHOC.
It is recalled that the Finance Minister, Dr. Cassiel Ato Forson, during a meeting with the Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on March 13 said that GIHOC Distilleries reported a loss of GH₵25.1 million in 2022 and a further GH₵25.5 million in 2023.
President John Dramani Mahama later expressed disbelief over the financial struggles of GIHOC Distilleries Company Limited.
He questioned how an alcohol-producing firm could incur significant losses despite strong local demand.
Addressing workers at the May Day parade held at Independence Square in Accra on Thursday, May 1, President Mahama referenced recent reports indicating that GIHOC Distilleries recorded financial losses in both 2022 and 2023.
Mahama said the situation was especially concerning given the high and consistent demand for alcoholic beverages in Ghana.
“How can you sell alcohol and be in debt? When I was president, GIHOC was making a profit. Because Ghanaians, when we are happy, we drink alcohol, when we are sad, we drink alcohol, so how can an alcohol manufacturing company make losses?” he asked.
