“When We’re Happy or Sad, We Drink – So Why Is GIHOC in Debt?” – Mahama Questions Losses

President John Dramani Mahama has raised eyebrows with a sharp critique of GIHOC Distilleries, questioning how the state-owned alcohol producer could be recording massive financial losses despite the high consumption of alcohol in Ghana. His remarks came during the 2025 May Day celebrations held at Independence Square in Accra.

Mahama’s Comments Spark Public Interest

Mahama humorously but pointedly remarked, “When Ghanaians are happy, we drink. When we’re sad, we drink. When we’re neither happy nor sad, we still drink. So how can you sell alcohol and be in debt?”
He noted that during his administration, GIHOC was profitable and thriving — a far cry from its current financial state.

GIHOC’s Reported Financial Losses

According to the Minister of Finance, Dr. Cassiel Ato Forson, GIHOC Distilleries recorded a loss of GH₵25.1 million in 2022 and an additional GH₵25.5 million in 2023. These figures were among the reported losses by several state-owned enterprises (SOEs), sparking calls for reforms and accountability.

Call for Efficiency and Oversight

Mahama urged workers and stakeholders in SOEs to take active roles in safeguarding public enterprises from mismanagement. He stressed that these companies, including GIHOC, should be contributing to national development — not draining public funds.

Reflections

The president’s candid remarks have reignited conversations about financial mismanagement within Ghana’s public sector, especially in high-demand industries like alcohol. His comments continue to trend on social media, raising pressure on GIHOC and the government for answers.

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