Government Unveils Plans to Revamp GIHOC Distilleries for Economic Growth
The government has announced plans to revitalize GIHOC Distilleries Company Limited to boost its operational capacity, create jobs, and support the 24-hour economy initiative. This move aims to enhance productivity, expand exports, and generate foreign exchange to curb inflation.
Minister’s Commitment to GIHOC’s Revival
During a working visit to GIHOC Distilleries on Friday, the Minister of Trade, Agribusiness, and Industry, Madam Elizabeth Ofosu-Adjare, reiterated the government’s commitment to supporting the company’s growth and sustainability.
“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 labor because we believe GIHOC can be a significant employer,” she stated.
Addressing GIHOC’s Challenges
Established in 1958 as a state-owned entity, GIHOC Distilleries specializes in alcoholic beverages. However, the company currently faces significant challenges, including a GHS 300-million debt burden and outdated machinery. Despite these hurdles, GIHOC boasts a skilled workforce capable of driving its operations.
Madam Ofosu-Adjare emphasized the need to retool the company to fully leverage the 24-hour economy initiative, operate in three shifts, and capitalize on international trade agreements such as the African Continental Free Trade Area (AfCFTA), as well as the UK and EU markets.
Boosting Exports and Reducing Inflation
The Minister pledged the Ministry’s support in promoting GIHOC’s products on international platforms and ensuring the availability of raw materials. She highlighted the potential for GIHOC to increase exports, earn foreign exchange, and contribute to reducing inflationary pressures.
Mr. Jones Borteye Applerh, Acting CEO of GIHOC Distilleries, expressed confidence that revamping the company would play a crucial role in Ghana’s economic transformation. He outlined key challenges, including reliance on outdated machinery installed in 1964, an inability to service debts, and inadequate marketing efforts.
Collaboration for a Brighter Future
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.
Call to Action:
What do you think about the government’s plan to revive GIHOC Distilleries? Share your thoughts on social media using #ReviveGIHOC. For more updates on Ghana’s industrial growth, visit Ghana Trade or explore AfCFTA’s official site.