Former Chief Executive of GIHOC Distilleries Company Limited, Maxwell Kofi Jumah, has been granted GH¢55 million bail by the Economic and Organised Crime Office (EOCO) as investigations continue.

Maxwell Kofi Jumah has been accused of allegedly breaching public financial management protocols during his tenure at GIHOC Distilleries Company Limited.

Reacting to the development, Paul Yandoh of the New Patriotic Party (NPP) has noted lamented over the amount of the bail. According to him, the bail is too expensive to be fulfilled easily.

He added, “As of last night, he was given a bail bond of 55 million Ghana cedis before he can be released from custody. I don’t have such an amount to come and bail him.

Meanwhile, the former GIHOC boss remains in custody as his legal team has so far been unable to satisfy the bail conditions set by the court.

Some EOCO personnel picked Maxwell Kofi Jumah up at his private residence in Kumasi on Wednesday, 28th April. Reports suggest that EOCO had raided his residence a week before his arrest. EOCO has consistently held several prominent persons as part of its enforcement operations.

Last year, the Former Managing Director of GIHOC Distilleries secured a bail of GHS500,000 with two sureties. He was arrested in connection with the alleged theft of vehicles belonging to the state company.

On Monday, 30 June, Mr Jumah secured bail after appearing at the CID headquarters, where he was being held for questioning. Per reports, he was picked up at his residence in Kumasi on Sunday, June 29. Maxwell Kofi Jumah was said to be in the custody of the Ashanti Regional Police Command.

It was reported that security personnel in May attempted to retrieve state vehicles in his possession. The personnel were unable to, as Mr Jumah was not home.

In reaction to the event, Mr. Jumah, in a Facebook post, wrote, “I hear the Mahama people want to come for the GIHOC car in my possession. Can someone tell them that the car is parked safely?"

"They can come for it. They should also prepare to hand over my properties to me. It is more than the car. A whole lot more. Interesting times ahead."

Sources say Mr Jumah was investigated for unauthorised sale of assets and vehicle acquisition during his tenure. According to reports, he sold company properties in Tema valued at over $700,000 without authorization.

Maxwell Kofi Jumah was appointed to head GIHOC in 2017 by former President Nana Akufo-Addo.

In December 2024, the immediate past government directed all of its appointees to return state vehicles by January 3, 2025. The Ghana Police Service, led by Deputy Commissioner of Police (DCOP) Lydia Yaako Donkor, has confirmed that police have so far recovered three of the vehicles linked to the case.

“As of this afternoon, we have retrieved three of the vehicles in question. He is cooperating with the investigation, and we will proceed based on the evidence gathered.”

The EOCO has similar mandates to the Office of the Special Prosecutor (OSP). EOCO is a specialized intelligence-led law enforcement agency in Ghana established to monitor, investigate, and prosecute economic and organized crimes.

Established by the Economic and Organised Crime Office Act, 2010 (Act 804), it replaced the former Serious Fraud Office (SFO) to provide a more robust framework for tackling complex financial crimes.