Former Managing Director of GIHOC Distilleries Company Limited, Maxwell Kofi Jumah, has been detained by the Economic and Organised Crime Office as part of ongoing investigations into alleged financial irregularities during his leadership of the state owned company.
Mr Jumah, who served as Managing Director from 2017 until early 2025, is being investigated over several transactions and decisions made during his tenure at the distillery company.
The latest detention follows earlier investigations involving allegations of financial impropriety, including the acquisition of company assets and the handling of GIHOC properties.
Officials familiar with the matter say EOCO’s investigations form part of broader efforts to examine financial management practices within state owned enterprises.
Early Years Marked by Operational Revival
Mr Jumah’s tenure at GIHOC initially received widespread public attention after the company recorded significant operational improvements during the early years of his administration.
When he assumed office in 2017, GIHOC was widely regarded as a struggling state enterprise facing operational and financial difficulties. Under his leadership, the company introduced new products, rebranded parts of its operations, and implemented measures aimed at improving efficiency and market competitiveness.
The changes reportedly contributed to a turnaround in the company’s financial performance between 2018 and 2019. During that period, GIHOC was said to have generated enough revenue to pay workers consistently and declare dividends to government for the first time in several decades.
Mr Jumah’s performance also earned recognition within Ghana’s manufacturing sector. In 2019, he was named Best CEO at the Ghana Manufacturing Awards while GIHOC received the Best Manufacturing Company award. The achievements strengthened his public image as a manager capable of revitalising struggling state enterprises.
Financial Difficulties Emerge
Despite the early gains, the latter years of Mr Jumah’s administration became increasingly associated with financial challenges and internal tensions within the company.
GIHOC reportedly recorded substantial losses beginning from 2020. Company financial records cited by investigators indicate losses of approximately GH₵25.1 million in 2022 and GH₵25.5 million in 2023.
Audit projections for 2024 further suggested that losses could exceed GH₵50.6 million if conditions remained unchanged. The deteriorating financial position raised concerns among stakeholders regarding the company’s sustainability and management practices.
Mr Jumah also faced accusations of increasing the company’s workforce beyond financially sustainable levels. Critics argued that the expanded staff size placed additional pressure on GIHOC’s operational costs and financial resources.
The worsening financial situation reportedly contributed to growing dissatisfaction among sections of the company’s workforce. Although some employees initially praised Mr Jumah for improving operations and reviving production activities, tensions later emerged over issues involving allowances, debt levels, and overall company management.
Reports of staff unrest and internal disagreements became more frequent during the later stages of his tenure. The growing criticism coincided with increased public scrutiny of state owned enterprises and calls for improved accountability within government institutions.
Removal From Office and Investigations
Mr Jumah was removed from office in early 2025 under circumstances that later became publicly contested. Following his removal, he reportedly described the decision as unjust and argued that due process had not been followed.
However, his departure from GIHOC was quickly followed by multiple investigations into transactions that occurred during his administration. In June 2025, he was arrested by National Security officials over allegations linked to financial impropriety.
The latest detention by EOCO on April 28, 2026 forms part of continuing investigations into alleged misconduct involving company assets and transactions. One of the major allegations under investigation concerns Mr Jumah’s acquisition of a Genesis G90 luxury vehicle from the company.
Investigators are examining claims that the vehicle was acquired for GH₵4,943.11, an amount estimated to represent approximately five percent of the vehicle’s market value. The circumstances surrounding the acquisition have become a central focus of the ongoing probe.
Officials are seeking to determine whether company procedures, valuation standards, and approval processes were properly followed in the transaction. The matter has attracted public attention because of concerns over the disposal of state assets and the management of public resources.
Alleged Unauthorized Property Sales
Investigators are also examining allegations involving the sale of GIHOC properties located in Tema. According to reports, the properties are valued at more than 700,000 dollars.
EOCO is investigating claims that the properties were sold without approval from the company’s board. The alleged transactions are being reviewed to determine whether proper authorisation procedures were followed and whether the sales complied with corporate governance requirements.
The investigations are expected to assess possible financial losses to the company and identify any individuals who may have played roles in the transactions.
The case involving the former GIHOC Managing Director comes at a time when state owned enterprises in Ghana are facing growing public and regulatory scrutiny over governance, financial management, and accountability.
Government agencies and anti corruption institutions have increasingly focused attention on alleged procurement irregularities, asset disposal practices, and financial losses within public institutions.
The outcome of the investigations could have broader implications for governance standards within state-owned companies. The investigations are also likely to renew discussions about corporate oversight, board accountability, and financial controls in government enterprises.
EOCO has not yet publicly announced formal charges against Mr Jumah as investigations continue. The former GIHOC boss remains one of the latest high profile former public officials to come under investigation over alleged financial irregularities linked to state institutions.
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