A member of the National Democratic Congress (NDC), Yayra Koku, is wondering why the Social Security and National Insurance Trust (SSNIT) is working on selling one of its hotels, Labadi Beach Hotel, to Rock City Hotel, owned by Minister for Food and Agriculture, Bryan Acheampong.
According to Mr Koku, such a move is questionable when Labadi Beach Hotel is able to pay GHC25 million as dividend to its sole shareholder.
He believes that SSNIT’s plan to sell the facility and three others more is one of the many mechanisms by the government to loot and share among themselves.
“How can a company that is able to pay GHc25m as dividend to its sole shareholder be described as not doing well? This is a CREATE, LOOT & SHARE for Bryan Acheampong and NPP,” he wrote in a post on X.
The Commission on Human Rights and Administrative Justice (CHRAJ) has been petitioned by North Tongu MP Samuel Okudzeto Ablakwa to investigate allegations surrounding the sale of four hotels: Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel.
Rock City Hotel is in negotiation with SSNIT to buy a 60% stake in each of the four hotels.
Mr. Ablakwa’s petition to CHRAJ calls for an investigation into several allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.
But both SSNIT and Mr Bryan Acheampong say nothing untoward has taken place since Rock City Hotel submitted the best and strongest technical and financial proposal amongst those received by SSNIT.
Labadi Beach Hotel
In 2023, Ghana’s premier five-Star hotel, Labadi Beach Hotel, declared GH¢25 million in dividends for 2022 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT).
The financial windfall comes on the heels of the GH¢10 million in dividends declared by the hotel to SSNIT in February this year for the 2022 financial year.
At an event in Accra where the company’s latest profits were announced, the Managing Director of the hotel, David Eduaful, said “as we honour our obligation of declaring dividends to the shareholder today, it is important to acknowledge the overwhelming support and patronage of our valued customers who continue to make us number one”.
Mr Eduaful attributed the “historic payout to the unwavering support from the Board of Directors, the hard work of the management and entire staff, and recently implemented cost-cutting and waste-minimisation measures”.
Please check your facts. Its not 25m.