Ablakwa hails GH¢16.5m dividend from Labadi Beach Hotel

Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, has welcomed Labadi Beach Hotel’s record dividend payment of GH¢16.51 million to the Social Security and National Insurance Trust (SSNIT), celebrating it as a win for public ownership.

Ablakwa, a strong opponent of an earlier proposal to partially privatize six SSNIT-owned hotels, including Labadi Beach Hotel, praised the decision

Read full article.to keep the hotel under public control, which he said has now proven beneficial for all Ghanaians.

“Our Labadi Beach Hotel remains profitable, and the great news is all Ghanaians get to benefit from its profitability instead of a few State Capture politicians,” Ablakwa posted on social media. “We did it for God and Country. Ghana First.”

The MP’s opposition had centered on SSNIT’s initial plans to divest a 60% stake in six hotels, which included other notable facilities like La Palm Royal Beach Resort and Busua Beach Resort.

SSNIT argued the sale was necessary, as it claimed the hotels were underperforming and consuming valuable resources. However, public protests led by Ablakwa and other stakeholders ultimately led SSNIT’s board to suspend the sale.

During the hotel’s Annual General Meeting, Managing Director David Eduaful underscored Labadi Beach Hotel’s profitability, emphasizing that the GH¢16.5 million dividend demonstrates the hotel’s commitment to delivering value.

Labadi Beach Hotel has also received several accolades this year, including the CIMG Hospitality Facility of the Year 2023 and Five-Star Hotel of the Year from the Ghana Tourism Authority.