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By: Ruth Tang
Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has unveiled discrepancies in the portrayal of Labadi Beach Hotel’s financial health, opposing government claims of its need for external investment.
With access to a decade’s worth of financial records and the 2023 management account, Ablakwa asserts that Labadi Beach Hotel is financially robust, contrary to government assertions.
Labadi Beach Hotel’s financial statements, audited by Deloitte, reveal impressive cash reserves totalling GHS 54,855,795.00 and a substantial increase in turnover and gross profits between 2022 and 2023. Despite government labelling it as financially distressed, Ablakwa highlights the hotel’s significant contributions to government revenue, amounting to GHS 20,318,232 in taxes over the past five years.
Ablakwa proposes leveraging Labadi Beach Hotel’s profitability to revitalize other hotels within the Social Security and National Insurance Trust (SSNIT) portfolio, advocating for local management to oversee the entire hotel portfolio. He warns against the proposed strategic investment deal, suggesting it may not serve the nation’s interests.
“Incredibly, this is one of 6 hotels government says is struggling and desperately needs a strategic investor to inject capital and efficiency.
Contrary to the deceptive government/SSNIT narrative, the financials show that Labadi Beach Hotel is far more profitable than previously thought.” he stated in a tweet on X.
“Hands off our SSNIT hotels or get ready for our June 18 DEMO! “ he added.
