GIHOC Distilleries has attributed delays in reviving the Aboso Glass Factory to disruptions caused by the COVID-19 pandemic, which impacted key contractual agreements.
Despite the setbacks, the company remains optimistic about commencing operations by 2025.
Speaking to Citi Business News, the Managing Director of GIHOC Distilleries, Kofi Jumah, disclosed that negotiations with investors are over 80% complete. He added that the talks, when finalized, will unlock more than $100 million in funding to bring the glass factory back to life.
“We went very far. We could have started production probably about two years ago. During the Covid period, the companies that we were dealing with mostly in Italy, they pulled out during the Covid,” he said.
He added that: “Right after Covid, we had to start renegotiating and that delayed the process. The last time I talked to our consultant we are almost 80 or 90 percent through with all the paperwork for us to be able to start production so we are preparing the grounds to move in there.”
Kofi Jumah further clarified that: “given the charged political atmosphere my guess is it is going to be after the elections because everyone is afraid to commit one Hundred million dollars at this time”.
He further encouraged consumers to support locally manufactured products to help ease the pressure on the local currency caused by imports
“Ghanaians should be made to use Ghanaian products; that should be our mind set. National pride should force us to use products that we make here but anytime that we buy something made outside you are giving jobs to people outside,” he argued.
He added that: “And what is even worse is for a country that is struggling for foreign exchange, you use your foreign exchange to buy stuff that you don’t need to include water.”
