Rock City declared losses in 2023 while Labadi Hotel earned over GHC158m – Ablakwa reveals

Samuel Okudzeto Ablakwa, the current Member of Parliament for North Tongue, has asserted that in 2023, Rock City declared losses, while Labadi Beach Hotel earned over GHC158m in profits.

According To Samuel Okudzeto Ablakwa, the sale of SSNIT hotels is based on mismanagement and favoritism.

In a recent social media post by Samuel Okudzeto Ablakwa concerning Rock City Hotel, he disclosed that Rock City Hotel declared significant losses in 2023, this contrasts sharply with huge profits made by Labadi Beach Hotel.

“Intercepted GRA filings reveal that the NPP’s much-hyped Rock City Hotel declared losses in 2023,” Ablakwa elaborated.

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“This is the same year Labadi Beach Hotel made profits in excess of GHS158 million.”.

The member of Parliament’s social media post came during the high scrutiny of the sale of SSNIT hotels. He explains that the sale is not about saving loss making hotels but rather garnering profitable national assets for individual gains.

Ablakwa encouraged Ghanaians to query the rationales behind the sales and heightened discrepancies in the financial performance of hotels involved.

“Don’t believe the Akufo-Addo/Bawumia government when they tell you this sleazy deal is about Bryan Acheampong’s Rock City saving SSNIT’s struggling hotels,” Ablakwa argued. “It’s all about capturing profitable and iconic national brands for themselves. It’s never been about the interest of Ghanaian workers and pensioners.”

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The Member of Parliament has been a vocal critic of the sale of the hotels, elaborating the important for transparency in managing state owned assets.

He called on Ghanaians to join in opposing the transaction, labeling it as unpatriotic and harmful to the interests of Ghanaian workers and pensioners.

“We shall stop this unpatriotic, senseless and deleterious sale!” he declared, rallying support for a demonstration scheduled for June 18. “Our June 18 DEMO is loading ????????????.”

Ablakwa’s statements have intensified the hot debate over the management of SSNIT assets, with many awaiting further developments and responses from the government and other stakeholders.

The controversy surrounding the sale of SSNIT hotels has been ongoing and suspicious, with various stakeholders questioning the rationale and transparency of the process. SSNIT, responsible for managing pension funds in Ghana, has faced criticism for its handling of investments and assets, prompting calls for reforms and better governance.

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