Magdalene Ndamley the Deputy Chief Executive Officer of GIHOC Distilleries Company Limited (GIHOC) has shockingly accused the former CEO of GIHOC Maxwell Kofi Jumah of stealing which led to the collapse of GIHOC.
According to Magdalene Ndamley, Kofi Jumah was allegedly stealing GH¢40,000 weekly from GIHOC for eight years.
She boldly asserted that the former CEO incurred massive debts which has collapsed GIHOC Distilleries Company Limited.
Magdalene Ndamley further revealed that GIHOC collapsed because management and staff were looting the resources of the company.
Speaking in an interview on Radio XYZ on May 2, 2025, Magdalene Ndamley stated, “You couldn’t challenge him on financial matters. We have called him about the official car, and he says he won’t return it because GIHOC owes him”.
“This man has plunged GIHOC into huge debts. Every Friday, he instructed that GH¢40,000 be handed to him. He was already receiving a fuel allowance and his regular salary, yet he demanded an additional envelope of GH¢40,000 every Friday at 2:00 p.m. Even when he was not at work, the amount was sent to him via mobile money,” she added.
Her revelations come after President John Dramani Mahama expressed shock at GIHOC Distilleries Company Limited’s financial woes.
He questioned how an alcohol-producing company could be running losses amid high local demand.
John Mahama speaking during the May Day celebrations at Independence Square on Thursday, May 1, 2025, stated, “How can you sell alcohol and be in debt? When I was president, GIHOC was profitable.
Ghanaians drink when they’re happy and when they’re sad. So how does an alcohol manufacturer run at a loss?” he questioned.
Meanwhile, data shows GIHOC Distilleries Company Limited (GIHOC) made losses in both 2022 and 2023.
Minister of Finance, Dr Cassiel Ato Forson had earlier revealed that GIHOC Distilleries posted a loss of GH¢25.1 million in 2022 and GH¢25.5 million in 2023.
Watch the video below:
“Former GIHOC CEO, Maxwell Kofi Jumah was making a mandatory weekly payment of GH¢40,000 to himself”
– Deputy CEO of GIHOC, Magdalene Ndamley. pic.twitter.com/wK2vmUYEnt
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) May 2, 2025
