The government has unveiled plans to revamp GIHOC Distilleries Company Limited to enhance its operational capacity and generate employment in support of the 24-hour economy initiative.
Minister of Trade, Agribusiness, and Industry, Madam Elizabeth Ofosu-Adjare, announced this during a working visit to the company on Friday. She reiterated the government’s commitment to supporting GIHOC’s growth and sustainability.
The visit aimed to assess the current state of the company and identify ways to increase productivity, create jobs for Ghanaians, and expand exports to generate foreign exchange and curb inflation.
Established in 1958 as a state-owned entity, GIHOC Distilleries specializes in alcoholic beverages. However, the company currently struggles with a GHS 300-million debt burden and outdated machinery, despite having a skilled workforce capable of driving its operations.
“The good thing about GIHOC is that they produce quality products that are well respected both locally and internationally. Once we understand the challenges, we will provide the necessary support—whether in financing, machinery, or labour because we believe GIHOC can be a significant employer,” Madam Ofosu-Adjare stated.
She emphasized the need to retool the company to take full advantage of the 24-hour economy, operate in three shifts, and capitalize on international trade agreements such as AfCFTA, as well as the UK and EU markets.
The minister also pledged the Ministry’s support in promoting GIHOC’s products on international platforms while ensuring the availability of raw materials.
Mr. Jones Borteye Applerh, Acting Chief Executive Officer (CEO) of GIHOC Distilleries, expressed confidence that revamping the company would play a crucial role in economic transformation.
He highlighted key challenges hindering the company’s full potential, including reliance on machinery installed in 1964, an inability to service debts, and inadequate marketing efforts.
Mr Applerh reaffirmed Management’s commitment to collaborating with the Ministry of Trade, Agribusiness, and Industry to make GIHOC more attractive to investors.
“With the right resources, GIHOC can significantly increase its exports, earning higher foreign exchange to help reduce inflationary pressures,” he added.
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