Ablakwa puts out Labadi Beach Hotel financials, exposing government’s “struggling hotel” narrative

May 30, 2024
Ablakwa puts out Labadi Beach Hotel financials, exposing government's "struggling hotel" narrative

North Tongu MP Samuel is raising questions about the government's plan to find a strategic investor for , a property included on a list of 6 hotels deemed to be “struggling.”

Ablakwa claims to have obtained the hotel's financial statements, audited by Deloitte, for the past decade, along with the 2023 management account. These documents, he argues, paint a much rosier picture than the government's portrayal.

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

According to Ablakwa, the financials reveal:

  • Labadi Beach Hotel has cash reserves exceeding GHS54 million spread across five bank accounts.
  • Turnover has grown significantly, from GHS120 million in 2022 to GHS188 million in the 2023 management account.
  • Gross profit has more than doubled, rising from GHS70 million in 2022 to a staggering GHS158 million in 2023.
  • Over the past five years, Labadi Beach Hotel has reportedly paid GHS20 million in taxes to the government.

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

He argues that the hotel's profitability could be leveraged to revitalize the entire SSNIT hotel portfolio. Ablakwa even suggests that the current management team at Labadi Beach Hotel be considered to manage all of SSNIT's hotels.

The MP concludes with a strong message against the government's plan: “I am more convinced that this deal is not in our collective interest. Hands off our SSNIT hotels or get ready for our June 18 DEMO!”

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