Ablakwa: SSNIT Hotels profitable, calls for Board’s removal

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has once again strongly defended his stance on the botched sale of SSNIT’s 60% shares in some four hotels.

During an interview on Face to Face on Channel One TV, Ablakwa highlighted the financial gains of Labadi Beach Hotel and the three other hotels, emphasising that they are profitable.

He maintained that the four hotels are not struggling, contrary to claims by the Social Security and National Insurance Trust of financial difficulties.

“These hotels are not rotten, Labadi Beach Hotel is doing very well, paying dividends to the government. I have looked at their financials for last year [2023], with massive profits of GHC158 million, and working profits of GHC58.4 million. They have about GHC48 million in cash reserves in their accounts.

“They paid dividends of GHC25 million last year, [2023], they paid GHC10million dividends the previous year [2022] to government, they are not making losses. All the other hotels their assets are rising. In this discussion, nobody is talking about their assets. Prime beachfront land of La Palm, Elmina beach resort is gone to the roof, their assets are going up.

The North Tongu MP reiterated his call for the removal of the SSNIT board, to be replaced by competent professionals who can effectively manage the affairs of the pension funds.

“Stop these political apparatchiks with no background in managing these things who are being sent to the hotels. Do proper recruitment exercise, identify top-notch professionals, change management and you will see that these fortunes will be transformed,” he suggested.

Ablakwa was the first to expose SSNIT’s sale of its hotels, leading to a widespread outcry. Following Organised Labour’s threat of a strike, SSNIT cancelled the sale of its 60% shares in four hotels to Rock City Hotel.

Rock City Hotel then withdrew its offer to purchase the hotels. In response, Organised Labour called off its planned strike.