Labadi Beach Hotel's profitability can be used to revamp all of SSNIT’s hotels – Ablakwa

General News North Tongu MP, Samuel Okudzeto Ablakwa
North Tongu MP, Samuel Okudzeto Ablakwa

Member of Parliament (MP) for North Tongu, Samuel Okudzeto Ablakwa has indicated that contrary to claims that Labadi Beach Hotel is struggling, the Hotel is making a lot of profit.

Amid outrage from the public over why Labadi Beach Hotel is among the Hotels being sold to an investor by SSNIT, some members of the government party have made the case that it is because the Hotel is struggling.

However, in the annual financial statements of Labadi Beach Hotel (Hotel Investments Ghana Limited) covering the last decade secured by Samuel Okudzeto Ablakwa, it has been uncovered that the Hotel has been making huge profits.

“Contrary to the deceptive government/SSNIT narrative, the financials show that Labadi Beach Hotel is far more profitable than previously thought.

“The financials reveal that Labadi Beach Hotel has cash reserves in 5 bank accounts amounting to an impressive GHS54,855,795.00.

“Labadi Beach Hotel from the 2022 Deloitte financial statement had a turnover of GHS120,438,655. From the 2023 management account, this has commendably increased to GHS188,076,649.00,” Samuel Okudzeto Ablakwa said in a post on Facebook on Wednesday.

The MP is convinced that the profitability of Labadi Beach Hotel can be used to revamp all SSNIT hotels being sold to Rock City, a company owned by Minister for Food and Agriculture, Bryan Acheampong.

“Clearly, Labadi Beach Hotel is a cash cow and not a struggling hotel as government propagandists are claiming.

“Anyone who takes over Labadi Beach Hotel alone can use its profitability to revamp all the hotels in SSNIT’s investment portfolio. I am more convinced that this deal is not in our collective interest,” Samuel Okudzeto Ablakwa added.

The North Tongu MP has warned that if the sale of Labadi Hotel and other SSNIT Hotels is not stopped, he will lead a massive demonstration on June 18.

Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

JournalistPage: EricNanaYawKwafo