By In a fiery May Day speech that had the crowd chuckling and scratching their heads, President John Dramani Mahama took a swing at the former bosses of GIHOC Distilleries Company Limited, a state-owned alcohol producer that’s somehow drowning in debt despite Ghana’s love affair with a good drink. “How can you sell alcohol and still be in debt?” Mahama quipped, as reported by Citi FM, leaving many to wonder if GIHOC’s been sipping its own profits.
The scene was straight out of a comedy sketch: Mahama, standing at a podium under a giant umbrella (because even presidents need shade), addressing a crowd of workers and officials on a sunny May 1st, 2025.
Behind him, a sea of Ghanaians decked out in colorful attire, some probably hoping for a free bottle of GIHOC’s finest to celebrate the day. Instead, they got a sobering reality check about the company’s financial woes.
GIHOC Distilleries, once a proud name in Ghana’s alcohol industry, has been racking up losses faster than a bartender pours shots on a Saturday night. According to Finance Minister Dr. Cassiel Ato Forson, the company recorded a staggering GH¢25.1 million loss in 2022, followed by an even thirstier GH¢25.5 million deficit in 2023.
Forson, who spoke at a separate event in March 2025, was equally baffled, noting that Ghana’s high demand for alcoholic beverages should have GIHOC swimming in profits, not sinking in debt.
Mahama, who returned to the presidency in January 2025 after a heated 2020 election rematch with Nana Akufo-Addo, didn’t hold back. Known for his sharp economic critiques—like his recent promise to probe the $400 million National Cathedral project—he questioned the mismanagement that led GIHOC to this point. “Alcohol sells itself in Ghana!” he exclaimed, pointing to the country’s vibrant drinking culture.
A 2024 Euromonitor report backs him up, highlighting beer’s dominance in Ghana due to its competitive pricing, even as rural demand for packaged drinks remains low due to poor road infrastructure.
So, what’s gone wrong at GIHOC? Some speculate it’s a mix of outdated production methods, stiff competition from private brands, and perhaps a few too many “complimentary” bottles handed out over the years. Others whisper about deeper systemic issues plaguing state-owned enterprises in Ghana, a topic Mahama has vowed to tackle during his second term.
Social media erupted after Citi FM’s post, with Ghanaians sharing memes of empty bottles labeled “GIHOC’s Profits” and joking that the company must be “drinking its own stock” to rack up such losses. One user on X quipped, “Maybe GIHOC thought ‘distillery’ meant distilling away their money!” The hashtag #CitiNewsroom trended briefly, as did Mahama’s now-iconic line.
As Ghana’s alcoholic drinks market continues to evolve—Euromonitor predicts shifts away from beer’s dominance in the coming years—GIHOC’s future remains uncertain. Will Mahama’s administration turn the taps back on for this struggling giant, or will GIHOC be left to sober up on its own? One thing’s for sure: Ghanaians will be watching, likely with a drink in hand.
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