Maxwell Kofi Jumah Probed for Financial Misconduct at GIHOC
National Security operatives raided the Kumasi residence of Maxwell Kofi Jumah, former Managing Director of GIHOC Distilleries, at 5:00 a.m. to recover state vehicles allegedly retained after his tenure. Jumah, absent during the operation, is under investigation for financial impropriety, including questionable vehicle acquisitions and mismanagement of company assets during his time under the Akufo-Addo administration.
A 2019 GIHOC Board letter approved Jumah’s purchase of a Genesis G90 saloon car, valued at over $100,000, for just GH¢4,943.11—5% of its worth, despite an independent valuation of GH¢98,862.00. Jumah is also accused of retaining two other vehicles, including a $60,000 Audi, without board approval. One vehicle, used by his son, has been recovered, with efforts ongoing to retrieve another.
Further allegations claim Jumah sold GIHOC properties in Tema worth over $700,000 without authorization and inflated staff numbers, straining the company’s finances. These issues align with reports of GH¢50.6 million in losses under his leadership, prompting President Mahama to question GIHOC’s financial decline given Ghana’s robust alcohol market.
The investigation reflects the Mahama administration’s push to address mismanagement in state enterprises. Deputy CEO Magdalene Ndamley alleged Jumah took a weekly GH¢40,000 allowance, exacerbating GIHOC’s debt. Authorities continue to probe these claims, with Jumah yet to comment publicly, as efforts intensify to recover assets and ensure accountability.