Government has unveiled plans to revitalize GIHOC Distilleries Company Limited in a bid to enhance its operational capacity, generate employment, and support the country’s 24-hour economy initiative.
During a visit to the company on Friday, Minister of Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, emphasized the government’s commitment to aiding GIHOC’s growth.
The visit aimed to assess the company’s current challenges and identify strategies to boost productivity, create jobs, and increase exports to strengthen foreign exchange reserves and curb inflation.
Founded in 1958 as a state-owned entity, GIHOC Distilleries is known for producing quality alcoholic beverages. However, the company faces significant financial challenges, including a GHS 300 million debt and outdated machinery, despite having a skilled workforce.
Ms Ofosu-Adjare highlighted that GIHOC’s products are well-respected locally and internationally and that the government would provide the necessary support, whether through financing, machinery upgrades, or labour resources.
She stressed the importance of retooling the company to take full advantage of the 24-hour economy and expand operations in line with international trade agreements, such as the African Continental Free Trade Area (AfCFTA), as well as markets in the UK and EU.
Acting CEO of GIHOC, Jones Borteye Applerh, welcomed the government’s commitment, noting that revamping the company would play a key role in Ghana’s economic transformation.
He pointed out the company’s outdated machinery, debt challenges, and marketing shortcomings, but expressed optimism that with the right resources, GIHOC could significantly increase exports and contribute to reducing inflationary pressures.
Mr Applerh assured that GIHOC management would work closely with the Ministry of Trade to make the company more appealing to investors.
