A process for the preparation of hydrocarbons, comprising contacting a mixture of carbon monoxide and hydrogen at elevated temperature and pressure with a catalyst comprising cobalt and manganese, or cobalt and vanadium, or cobalt and manganese and vanadium supported on a carrier selected from the group consisting of alumina, silica, titania, zirconia, and mixtures thereof, wherein the cobalt:(manganese+vanadium) atomic ratio is at least 12:1 and at most 1500:1, with the proviso that the catalyst does not contain cobalt and manganese in the form of a solvated dispersion in an atomic ratio of 39:1, and wherein at least part of the cobalt is in the metallic state.