GIHOC Distilleries Company Limited — state-owned spirits manufacturer at center of financial irregularities probe involving former MD Maxwell Kofi Jumah.
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The Chronicle
Former Managing Director of GIHOC Distilleries Company Limited, Maxwell Kofi Jumah, has been arrested by the Economic and Organised Crime Office (EOCO), in connection with an ongoing investigation into suspected financial irregularities. …
Kofi Jumah Arrested Again!Manufacturing state-owned enterprises' revenue grew 114.74 per cent to GH¢1.21 billion in 2025, largely due to GoldBod, which was established following the restructuring of the Precious Minerals Marketing Company and generated GH¢1 billion in revenue, accounting for 83.34 per cent of the subsector's aggregate revenue.
4 September 2026 · Joy Online →
Manufacturing state-owned enterprises' revenue grew 114.74 per cent to GH¢1.21 billion in 2025, largely due to GoldBod, which was established following the restructuring of the Precious Minerals Marketing Company and generated GH¢1 billion in revenue, accounting for 83.34 per cent of the subsector's aggregate revenue.
4 September 2026 · Joy Online →
State-owned enterprises in Ghana recorded total revenue of GH¢176.43 billion in 2025, a 28.12 per cent increase from GH¢137.64 billion in 2024, with net profit after tax reaching GH¢19.80 billion, according to the State Ownership Report released by the State Interests and Governance Authority.
1 September 2026 · Joy Online →
Ghana's State-Owned Enterprises reported a consolidated net profit of GH¢19.80 billion in 2025, their first profit in four years, driven by 28.12% revenue growth to GH¢176.43 billion with non-energy sectors leading gains. However, analysis suggests the turnaround was driven more by macroeconomic tailwinds and accounting adjustments than operational improvements, with enterprises generating paper profits but returning virtually no cash to the treasury.
31 August 2026 · Joy Online →
The Electricity Company of Ghana accounted for GH¢82.31 billion of total liabilities held by Ghana's state-owned enterprises in 2025, according to SIGA's State Ownership Report. Despite an overall 4.31 per cent decline in combined SOE liabilities to GH¢281.99 billion, SIGA warned that significant financial risks remained concentrated in a small number of entities, with ECG among five SOEs that recorded losses in each year from 2021 to 2025.
31 August 2026 · Joy Online →
Ghana's state-owned enterprises recorded a consolidated net profit after tax of GH¢19.80 billion in the 2025 financial year, ending four consecutive years of net losses, according to SIGA's 2025 State Ownership Report. Total SOE revenue increased by 28.12 per cent from GH¢137.64 billion to GH¢176.43 billion, marking a significant turnaround from the GH¢2.25 billion net loss in 2024.
31 August 2026 · Joy Online →
The Auditor-General's 2025 report found that ten state institutions failed to pay over GH¢3 billion in taxes during 2024, with ECG accounting for approximately GH¢1.4 billion of the outstanding liability. These unpaid taxes drove record GH¢5.2 billion in financial irregularities across Ghana's public sector in 2025, representing a 156% increase from the previous year.
7 July 2026 · Joy Online →
Persistent losses by state-owned enterprises (SOEs) pose a risk to Ghana's fiscal balance and debt sustainability following the IMF bailout, according to a corporate governance consultant. The article contextualizes Ghana's SOE sector from independence through economic crises of the 1980s–90s, which reduced government capacity to finance operations and worsened SOE performance.
19 May 2026 · Business & Financial Times →
Banking consultant Dr Richmond Atuahene has called for the transfer of non-strategic state-owned enterprises, including GIHOC Distilleries and State Transport, to the private sector to reduce strain on public finances. He raised these concerns as government transitions from an IMF Extended Credit Facility programme to a new Policy Coordination Instrument framework intended to strengthen macroeconomic management and support investment-grade credit rating ambitions.
19 May 2026 · Joy Online →
Former Managing Director of GIHOC Distilleries Maxwell Kofi Jumah was released from EOCO custody after meeting revised bail conditions of GH¢30 million, down from an initial GH¢55 million, in connection with investigations into alleged financial improprieties during his tenure. As part of his bail, Jumah is required to report to EOCO once monthly.
18 May 2026 · Joy Online →
Maxwell Kofi Jumah, former chief executive of GIHOC Distilleries, has been admitted to the Intensive Care Unit of Korle Bu Teaching Hospital and remains unable to meet the GH¢55 million bail conditions granted by EOCO on April 29, following his arrest in a raid related to alleged breaches of public financial management regulations.
4 May 2026 · Joy Online →
Former Managing Director of GIHOC Distilleries Company Limited Maxwell Kofi Jumah has been arrested by the Economic and Organised Crime Office in connection with an investigation into suspected financial irregularities during his tenure, including issues relating to procurement processes, contract awards, and asset management. The arrest follows a raid on his Kumasi residence on April 14, which an NPP official alleged was conducted in his absence.
30 April 2026 · The Chronicle →