Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, has revealed that the Labadi Beach Hotel is far more profitable than previously suggested by the Social Security and National Insurance Trust (SSNIT).
According to Mr. Ablakwa, the hotel’s financial statements, audited by Deloitte, contradict SSNIT’s claims of financial struggles, instead revealing a strong financial performance.
He added that the financial statements of Labadi Beach Hotel (Hotel Investments Ghana Limited) for the past decade, including 2023, show strong profit growth.
The hotel is said to hold cash reserves of ¢54,855,795 across five bank accounts.
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From the report, the hotel’s gross profit increased in 2023 from 2022.
“Additionally, the hotel’s gross profit surged from ¢70,734,099 in 2022 to ¢158,490,448 in 2023. Over the past five years, Labadi Beach Hotel has also contributed significantly to the government’s revenue, paying ¢20,318,232 in taxes,” a part of the report stated.
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According to Mr. Ablakwa, these figures demonstrate that Labadi Beach Hotel is a lucrative asset, contradicting the SSNIT narrative of a struggling organization.
He thinks that the hotel’s profitability could have a positive impact on SSNIT’s entire hotel portfolio if managed efficiently.
He recommended that the current all-Ghanaian management team of Labadi Beach Hotel be considered to oversee all of SSNIT’s hotels.
Moreover, Mr. Ablakwa argued against the sale of six SSNIT hotels to Agriculture Minister Bryan Acheampong, for the reason, that it is not in the best interests of the Ghanaian public.
The North Tongu MP has hinted at organizing a demonstration against the sale on June 9, 2024
Find below the documents
I have finally secured the annual financial statements of Labadi Beach Hotel (Hotel Investments Ghana Limited) covering the last decade and been combing through the reports as prepared by the reputable Deloitte.
I have also intercepted the 2023 management account of Labadi Beach… pic.twitter.com/pfJ16IaYBD
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) May 29, 2024
