The present invention relates to a catalyst composition comprising cobalt molybdenum and optionally one or more elements selected from the group consisting of alkali metals and alkaline earth metals on a carbon support wherein said cobalt and molybdenum are in their metallic form. It was surprisingly found that the selectivity for alcohols can be increased by using the carbon supported cobalt molybdenum catalyst as described herein in a process for producing alcohols from a feed stream comprising hydrogen and carbon monoxide. Furthermore, it was found that the catalyst of the present invention has a decreased selectivity for CO2 and can be operated at relatively low temperature when compared to conventional catalysts. Moreover, a method for preparing the carbon supported cobalt molybdenum catalyst composition and a process for producing alcohols using said carbon supported cobalt molybdenum catalyst composition is provided.