The Government has unveiled plans to revamp GIHOC Distilleries Company Limited, aiming to boost its operational capacity, generate jobs, and enhance exports, aligning with the 24-hour economy initiative. This announcement was made by Elizabeth Ofosu-Adjare, the Minister of Trade, Agribusiness, and Industry, during a working visit to the company.
The visit was intended to assess GIHOC’s current state and explore strategies to make the company more productive, create employment opportunities, and contribute to foreign exchange earnings through increased exports, helping stabilize inflation. Established in 1958 as a state-owned manufacturer of alcoholic beverages, GIHOC is currently burdened with GHS300 million in debt and outdated machinery, despite having adequate human resources.
Madam Ofosu-Adjare emphasized the government’s commitment to revitalizing the company, citing its reputation for producing quality products that are respected both locally and internationally. “Once we understand the company’s needs, whether it’s financing, machinery, or labor, we will take the necessary steps to support GIHOC because we see its potential for job creation,” she noted.
She highlighted the company’s potential to operate three shifts, benefiting from the 24-hour economy initiative, and capitalize on international trade agreements such as AfCFTA, the UK, and EU markets. The Minister also pledged to promote GIHOC’s products internationally and ensure the availability of raw materials to sustain production.
Jones Borteye Applerh, Acting Chief Executive Officer of GIHOC, affirmed that with the right support, the company could play a pivotal role in transforming the economy. He stressed the need for a complete review of systems and processes to make GIHOC’s products a market leader while supporting the 24-hour economy initiative.
Mr. Applerh highlighted key operational challenges, including the outdated machinery installed in 1964, the inability to service debts, and weak marketing efforts. He expressed management’s willingness to collaborate with the Ministry for a comprehensive retooling effort, aiming to make the company more attractive to investors.
With adequate resources, he expressed confidence that GIHOC would boost exports and contribute significantly to foreign exchange earnings, helping reduce inflationary pressures.
