Magdalene Ndamley, the Deputy Chief Executive Officer of GIHOC Distilleries, has exposed some shocking details about the company’s alleged financial collapse.
In a recent interview with Radio XYZ on May 2, 2025, Ndamley spoke candidly about the mismanagement and corrupt activities that have reportedly plagued the company.
Here are the key revelations:
1. Allegations of widespread looting by staff and management
Ndamley accused both the staff and management of GIHOC Distilleries of taking advantage of the company’s resources for personal gain, contributing to its financial downfall.
2. Ex-CEO reportedly received GH¢40,000 every week
According to Ndamley, Maxwell Kofi Jumah, the former CEO, allegedly took an additional GH¢40,000 every Friday, even though he was already receiving a salary and a fuel allowance. This money was reportedly transferred to him via mobile money, even on days he was absent from work.
3. Excessive borrowing left GIHOC in debt
Ndamley claimed that the former CEO’s reckless borrowing practices have left GIHOC Distilleries in significant debt, further exacerbating the company’s financial problems.
4. Alleged refusal to return official car
Ndamley shared that Jumah refused to return his official company car, arguing that GIHOC owed him money.
5. President Mahama questions how an alcohol company can be in debt
During the May Day celebrations on May 1, 2025, former President John Mahama expressed disbelief over the situation. He asked how a company selling alcohol could incur losses, especially when Ghanaians consume alcohol frequently in both good and bad times.
6. GIHOC suffered a combined loss of over GH¢50 million in two years
According to Finance Minister Dr. Cassiel Ato Forson, GIHOC posted a loss of GH¢25.1 million in 2022 and GH¢25.5 million in 2023, raising questions about the company’s financial management.
7. Calls for restructuring and improved accountability
The revelations have sparked widespread concern, with growing calls for accountability and potential restructuring at GIHOC Distilleries to address the mismanagement and financial issues.
The situation at GIHOC Distilleries highlights serious concerns about the state-owned company’s management, and calls for greater accountability in public enterprises are intensifying.
