Finance Minister Dr. Cassiel Ato Forson has voiced deep concern over the staggering financial losses recorded by GIHOC Distilleries and several other state-owned enterprises (SOEs) under the previous Akufo-Addo administration.
Speaking at a meeting with Chief Executive Officers of SOEs, Dr. Forson expressed disbelief that even a company in the alcohol industry had struggled to turn a profit.
“GIHOC Distilleries reported a loss of GHS25.1 million in 2022 and GHS25.5 million in 2023. Mr. President, this one surprises me. Even the alcohol-making company is making losses,” he stated.
He further outlined the alarming financial struggles of other key state entities, describing the trend as a major setback for Ghana’s economy.
“The ECG, for example, has recorded consistent losses from the year 2021. In the year 2021, they made a loss of GHS1.46 billion, 2022, GHS8 billion, 2023 GHS5.96 billion,” he revealed.
Dr. Forson also pointed to the Ghana Grid Company (GRIDCo), which reported losses of GHS93.5 million in 2022 and GHS8.6 million in 2023, as well as the Graphic Communications Group, which saw consecutive losses of GHS3 million in 2021, GHS4.4 million in 2022, and GHS15.1 million in 2023.
