Plans to list GIHOC on GSE under consideration…as it makes GH¢180 million profit

The Minister of Public Enterprises, Mr Joseph Cudjoe, has lauded the Ghana Industrial Holding Corporation (GIHOC) for making the company profitable again.

The company increased its profit from GH¢80million it recorded in 2017 to a staggering GH¢180 million last year.   

Mr Cudjoe indicated that because of the impressive performance of the leading alcoholic beverages distillers, discussions were ongoing to trade part of the Coporation’s shares on the Ghana Stock Exchange.

The Minister made these assertions when he visited GIHOC’s head office in Accra on a familiarisation tour where he interacted with management and staff of the corporation and also inspected their facility.

He said GIHOC exemplified the vision of the government to transform state enterprises into profitable ventures that delivered on their mandate of supporting government’s quest to reduce unemployment and to provide various social amenities including schools, hospitals, and roads among others.

He said the state enterprises over the years had become a burden on governments incurring huge costs and losses therefore, necessitating the creation of an office by the President, Nana Akufo-Addo to provide oversight and to monitor the performance of these enterprises.

Mr Cudjoe who is also the Member of Parliament (MP) for the Effia Constituency in the Western Region said this dream was important to the President as he wanted Ghanaians to assess the performance of the government through the lens of how state enterprises performed as they had become a vehicle for patronage and incurring losses and costs at the expense of the tax-payer.

The visit formed part of his tour of state-owned enterprises since he assumed office this year.

He earlier visited Ghana Gas, Ghana Ports and Harbours Authority (GPHA) and Bulk Oil Storage and Transportation (BOST) Company Limited.

The Managing Director for GIHOC, Maxwell Kofi Jumah, on his part welcomed the idea by the Minister to trade part of the company’s shares on the stock market saying “that it will be a big win for the workers.”

“If the workers’ provident fund is prudently reinvested on the stock market, it will give afford them the opportunity of becoming owners of GIHOC whiles also boosting their retirement package where they are able to make ends meet once they retire,” he said.

He said the current success of GIHOC was attributed to the decision to increase the remuneration of workers, increase the price of the company’s products among others.

“We took the bold step of increasing the salaries of our domestic workers from GH¢ 250 to a minimum of GH¢ 1000, and also renovated the offices to boost workers,” he said.

BY NANA BENTSI ODURO