Process for manufacturing alcohols by reaction of carbon monoxide with hydrogen in the presence of a catalyst containing from 20 to 60% of copper, from 5 to 50% of cobalt, from 5 to 30% of a metal selected from chromium, iron, vanadium and manganese, from 5 to 40% of a rare earth metal, from 0.1 to 5% of an alkali or earth-alkali metal and, optionally, zinc and/or a noble metal from group VIII and/or a binder selected from alumina, magnesia and cements.