TIG Post

Tag: Labadi Beach Hotel

  • ORAL team conducts field assessment of ‘state capture’ locations

    ORAL team conducts field assessment of ‘state capture’ locations

    The ORAL Team conducted a field assessment on Friday, January 10, visiting various locations in Accra as part of an ongoing investigation into “state capture” claims.

    These field trips aim to gather evidence, validate petitions received from the public, and compile data within President Mahama’s ORAL preparatory framework.

    Locations inspected included the Dubois Centre, Agric Mechanization lands, Labadi Beach Hotel’s beachfront, La Trade Fair, the demolished Bulgarian Embassy, and encroached Northern Development Authority land in Cantonments.

    At the Dubois Centre, tensions between the Ministry of Tourism staff and a company claiming a contract from the previous government led to heightened security concerns. “We then proceeded to the Agric Mechanization lands in Cantonments, our team was delighted to observe that the military had been deployed to halt a disturbingly opaque appropriation of the lands by politically exposed persons associated with the outgone government,” said Samuel Okudzeto Ablakwa, head of the team. These individuals had evicted the ministry staff and rezoned the land without parliamentary approval.

    The team also visited the Northern Development Authority (NDA) offices in Cantonments, where they observed that “faceless characters had hurriedly erected walls to grab large portions of the NDA lands under extremely dubious circumstances.” National Security has been alerted to protect the land.

    When visiting the demolished Bulgarian Embassy property, the team assured officials that their “extensive report will adequately document the current state of affairs for appropriate action by the new Mahama administration.” The construction of an apartment complex on the demolished land by Dr. Yaw Adu Ampomah, a former NDPC appointee under President Akufo-Addo, has been “suspended.”

    In the coming days, Team ORAL will continue with their assessment and validation efforts, aiming to compile a thorough and credible report for President Mahama’s attention. The team remains committed to fulfilling the expectations of the Ghanaian public.

  • Ghana hosts inaugural Built Environment National Conference on Housing and Hydrology

    Ghana hosts inaugural Built Environment National Conference on Housing and Hydrology

    In a landmark move to address pressing housing and flooding issues, Ghana has inaugurated the Built Environment National Conference on Housing and Hydrology (BENCHH) 2024.

    The three-day event, held at the Labadi Beach Hotel, was opened by Kojo Oppong-Nkrumah, the Minister for Works and Housing.

    At the opening ceremony, Minister Oppong-Nkrumah launched the Ghana Hydrological Fund, a crucial initiative aimed at reducing flood risks and enhancing water management nationwide.

    He emphasized the urgent need for sustainable funding to tackle Ghana’s chronic flooding problems and announced a seed funding of GH¢1.5 million allocated by the government.

    “The government, through the Ministry of Works and Housing, has prioritized an allocation of 1.5 million Ghana Cedis as seed money for the fund,” stated the Minister.

    He called on all stakeholders, including development partners, to support the fund, highlighting its importance in fast-tracking essential projects such as drainage construction and dredging.

    Minister Oppong-Nkrumah highlighted the severe flooding issues Ghana faces, particularly during the rainy season. He pointed out that inadequate drainage infrastructure and the growing impacts of climate change have exacerbated the problem.

    Only 2% of the drainage channels in the Greater Accra Region requiring concrete lining have been completed, indicating a critical need for comprehensive action.

    The fund, according to the Minister, is designed to provide a structured financial mechanism to accelerate necessary projects, directly tackling the country’s flooding challenges.

    Beyond addressing flooding, the conference also focused on Ghana’s significant housing deficit, currently estimated at 1.8 million units.

    Minister Oppong-Nkrumah acknowledged the challenges faced in affordable housing programs due to funding constraints and delays in project completion, including unfinished projects from previous administrations.

    He advocated for strong public-private partnerships and incentives for private developers to undertake large-scale affordable housing projects, aiming to mitigate the housing shortfall.

    The BENCHH 2024 conference will cover a range of topics, including regulatory reforms and the establishment of a Works Inspectorate Unit to ensure compliance with building and safety standards. The Ministry plans to present comprehensive reports on government initiatives, achievements, and challenges, seeking innovative solutions from stakeholders.

    Minister Oppong-Nkrumah expressed optimism about the outcomes of BENCHH 2024, emphasizing the potential for collaborative efforts to drive substantial progress in Ghana’s built environment sector.

    He encouraged participants to engage actively in discussions and contribute their expertise to develop actionable strategies that comprehensively address the nation’s housing and hydrology challenges.

  • We will block every access even if you sell Labadi Beach Hotel to Bryan – Ablakwa

    We will block every access even if you sell Labadi Beach Hotel to Bryan – Ablakwa

    The National Democratic Congress (NDC) Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has taken a firm stand against the sale of four Social Security and National Insurance Trust (SSNIT) hotels to Rock City Hotel Limited, owned by Ghana’s Minister of Agriculture, Bryan Acheampong.

    Leading a demonstration today, Ablakwa has declared his determination to block any attempt to finalize the sale.

    In a passionate address to the media, Ablakwa stated, “It has become the whole of Ghana versus the few lootocrats who are determined to continue with their state capture, and I am clear in my mind that they will have no choice but to listen. Even if you don’t listen and you try to sell this hotel, how are they going to have access to the hotel? How? Because we will block that access. These are our assets, and we are saying you haven’t consulted us.”

    Reiterating his commitment, he added, “Rest assured, we are confident these hotels will not be sold.”

    The protest, organized for today, aims to compel President Akufo-Addo to intervene and prevent the sale of the SSNIT hotels.

    Ablakwa also mentioned that he expects officials from the presidency to meet the demonstrators and receive their petition for submission to the president.

    SSNIT Hotels saga

    In a recent commentary on the matter, Ablakwa shared an internal memo between the agri-minister Bryan Acheampong’s Rock City Hotels Limited and the state-owned pensions company, SSNIT.

    The “SSNIT-ROCK CITY GROUP SALE OF STAKE IN SSNIT HOTELS NEGOTIATION” paper provided a predetermined selling position for each of the hotels in question, including Elmina Beach Resort, La Palm Royal, Ridge Royal, and Labadi Beach Hotel.

    According to SSNIT’s appraisal, the combined value of all four hotels was more than US$121 million, although Rock City’s offer was just US$61.2 million.

    “The SSNIT memos in my possession reveal that SSNIT’s objective expectations based on valuation reports of 60% stake in the 4 hotels (Labadi, La Palm, Ridge Royal & Elmina) range from a minimum value of US$80,406,630.00 to a maximum of US$121,315,643.00.

    “From the intercepted memos, Hon. Bryan Acheampong’s Rock City offer fell far below the minimum value of the 4 hotels. Hon. Bryan Acheampong’s below par bid was US$61,200,000.00,” he added.

    He noted the significant losses that SSNIT stood to make if they pushed ahead with accepting the Rock City offer.

    Ablakwa was the first to report on the planned sale of SSNIT’s stake in the said hotels and has since adduced evidence to prove the deal was against the interest of the state and pensioners in particular.

    He has also filed a petition at CHRAJ to probe possible conflict of interest over the minister’s role in Rock City and his political position as minister and Member of Parliament.

  • Why prioritize SSNIT hotels over food price crisis? – Ablakwa jabs Agric minister

    Why prioritize SSNIT hotels over food price crisis? – Ablakwa jabs Agric minister

    While skyrocketing food prices that have left many Ghanaians struggling, Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, has strongly criticized Bryan Acheampong, the Minister of Food and Agriculture, for prioritizing the purchase of SSNIT hotels over addressing the urgent food crisis.

    In a recent post on X, Ablakwa expressed his frustration over Acheampong’s involvement in what he describes as a “stinking transaction.”

    “It is a national tragedy that instead of Ghana’s Food & Agriculture Minister, Bryan Acheampong, concentrating on urgent policy interventions to resolve skyrocketing food prices, his focus is rather on an ill-fated effort to purchase our SSNIT hotels,” Ablakwa wrote.

    “He refuses to back out of the stinking transaction, which has outraged many Ghanaians and been equally condemned by organised labour.”

    The timing of Ablakwa’s criticism coincides with reports of significant increases in food prices, particularly in the capital, Accra.

    Recent data indicates that the price of a box of tomatoes has surged by 360% in less than six months, rising from GHC 1500 in January 2024 to GHC 6000 – GHC 7000 in June 2024.

    This sharp increase has placed additional strain on households already grappling with economic challenges.

    Poultry Industry Struggles

    The crisis extends beyond just tomatoes. Yesterday, the Chief Executive Officer of Joerees Farms & Foods, Joseph Boakye-Yiadom, warned consumers of an impending sharp increase in egg prices due to soaring production costs. In an interview with JoyNews, Boakye-Yiadom highlighted the economic pressures facing the poultry industry, detailing substantial increases in the costs of essential inputs like maize and soybean meal.

    “The Ghana poultry industry is in great distress at the moment. This increase is a result of our production input. For example, maize started this year in January, selling at between 190 and 200 cedis per 50 kg, but as I speak with you, it is between 260–270 cedis. Soybean meal started the year around 410–420, and now it’s about 520–530,” Boakye-Yiadom explained.

    To sustain operations, poultry farmers will need to adjust egg prices accordingly, with Boakye-Yiadom indicating that consumers should expect to pay between 70 and 75 cedis per crate from retailers in the coming months.

    Ablakwa’s comments reflect a broader public outrage over the government’s handling of the food crisis. Many Ghanaians are calling for immediate action to stabilize prices and ensure food security.

    Organised labour groups have also condemned the government’s focus on transactions perceived as self-serving, urging the administration to prioritize the welfare of the citizens.

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

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

    Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has raised fresh concerns over the sale of SSNIT hotels, asserting that the process is marred by mismanagement and favoritism.

    Ablakwa, in a recent social media post, disclosed that Rock City Hotel, a hotel owned by a member of the ruling New Patriotic Party (NPP), declared losses in 2023, contrasting sharply with the profits reported by the Labadi Beach Hotel.

    “Intercepted GRA filings reveal that the NPP’s much-hyped Rock City Hotel declared losses in 2023,” Ablakwa stated. “This is the same year Labadi Beach Hotel made profits in excess of GHS158 million.”

    Ablakwa’s post comes amidst heightened scrutiny of the sale, which he alleges is not about saving struggling hotels but rather capturing profitable national assets for personal gain. He urged Ghanaians to question the motives behind the sale and highlighted the discrepancies in the financial performance of the 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.”

    The MP has been a vocal critic of the sale, emphasizing the need for transparency and accountability in managing public assets. He called on citizens 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 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, 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.

  • Freddie Blay’s son accused of hijacking Labadi Hotel’s beachfront, defrauds business partner

    Freddie Blay’s son accused of hijacking Labadi Hotel’s beachfront, defrauds business partner

    Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has leveled serious accusations against Kwaw Worsemao Blay, son of former New Patriotic Party [NPP] National Chairman Freddie Worsemao Blay.

    According to Ablakwa, Kwaw Worsemao Blay has allegedly hijacked the beachfront property of Labadi Beach Hotel and defrauded his business partner, Loic Devos Junior.

    Ablakwa’s claims, which he shared in a recent post, are based on explosive court documents that he has obtained and analyzed. The Independent Ghana is yet to independently verify these allegations.

    Ablakwa reveals that Devos Junior initiated legal action against Kwaw Worsemao Blay on February 17, 2023, at the Accra High Court (Commercial Division).

    In his suit (Suit Number: CM/MISC/0302/2023), Devos alleges that Blay cheated him out of their joint business operations and fraudulently denied him financial benefits.

    The court documents state that Devos and Blay formed Gold Coast Expo Limited in 2019 and organized Polo Beach Club events at Labadi Beach Hotel’s beachfront.

    They initially had a joint venture agreement with the hotel, but Blay allegedly breached the terms unilaterally, excluding the hotel and taking over the beach front.

    Ablakwa’s post details how Blay constructed a bypass entry to the beach front, seized control of gate proceeds, and blocked Devos from accessing company accounts. He also claims Blay used another company, Press Xpress Limited, to usurp business transactions and sponsorship deals.

    Internal investigations by Labadi Beach Hotel’s board implicated the hotel’s former Managing Director, Rene Vincent-Ernst, in the encroachment scheme. Vincent-Ernst was dismissed in November 2022 after allegedly conspiring with Blay to breach the joint venture agreement.

    The court filings reveal Devos’s request for interlocutory injunctions to prevent Blay from launching independent Polo Beach Club events and to restrain him from spending or disposing of the company’s funds. He also seeks to stop Blay from claiming to be the Managing Director of Gold Coast Expo Limited.

    Ablakwa criticizes the board and management of both Labadi Beach Hotel and SSNIT for allowing this encroachment and calls for President Akufo-Addo to address the issue. He emphasizes the need for accountability and protection of state assets from politically exposed persons.

    Ablakwa attached court documents to his post to support his claims.

  • Top NPP figures planning to take full control of Labadi Beach Hotel – Ablakwa reveals

    Top NPP figures planning to take full control of Labadi Beach Hotel – Ablakwa reveals

    Explosive court documents obtained by Samuel Okudzeto Ablakwa reveal an alleged scheme by prominent figures associated with the ruling New Patriotic Party (NPP) to seize control of the Social Security and National Insurance Trust’s (SSNIT) highly profitable Labadi Beach Hotel.

    The documents suggest a grand plan to capture state assets, with the beachfront property at the center of the controversy.

    According to Ablakwa, the revelations go beyond the involvement of Bryan Acheampong, a known NPP associate. The documents implicate Kwaw Worsemao Blay, son of former NPP National Chairman Freddy Worsemao Blay, who now claims ownership of the beachfront traditionally managed by Labadi Beach Hotel.

    Labadi Beach Hotel has thus become the only beachfront hotel in the world without exclusive control over its entire beachfront. Ablakwa highlights the helplessness of the hotel’s board and management, who appear unable to combat the encroachment by politically powerful individuals.

    The situation came to light through a lawsuit filed at the Accra High Court (Commercial Division) by Mr. Loic Devos Junior, a business partner of Kwaw Worsemao Blay. Devos alleges that Blay cheated him out of their joint business, Gold Coast Expo Limited, which they established to organize the Polo Beach Club events at Labadi Beach.

    Court documents (Suit Number: CM/MISC/0302/2023) detail Devos’s accusations of breach of joint venture agreement, misappropriation of funds, and exclusion of Labadi Beach Hotel from revenue streams. Devos claims Blay unilaterally took over the beachfront, bypassed agreed entry points, and funneled profits through his own company, Press Xpress Limited.

    Internal protests from Labadi Beach Hotel’s board led to an inquiry and the eventual dismissal of the hotel’s former Managing Director, Rene Vincent-Ernst, who was accused of conspiring with Blay. Vincent-Ernst’s attempt to resign amid the investigation was rejected, and he has since filed a lawsuit challenging his dismissal and seeking outstanding entitlements.

    Devos’s legal action seeks to restrain Blay from conducting Polo Beach Club events and misappropriating company assets. The court battle continues, with Devos demanding accountability and the cessation of Blay’s self-appointed management of Gold Coast Expo Limited.

    Despite efforts by the hotel’s board to reclaim control, Blay has constructed permanent structures on the encroached beachfront and retains full possession, refusing to share revenues with Labadi Beach Hotel. Guests have complained about the obstruction of views and disturbances caused by Blay’s activities, yet the management remains powerless.

    Ablakwa condemns the SSNIT and Labadi Beach Hotel boards for their inaction, accusing them of enabling the NPP’s alleged state capture agenda. He calls for President Akufo-Addo to intervene and halt the NPP’s aggressive acquisitions.

    The North Tongu MP is also advancing a Private Member’s Bill to ban the sale of state assets to politicians and politically exposed persons, signaling his commitment to protecting public resources.

  • Labadi Beach Hotel, deemed ‘struggling’ achieved GHS158m profit in 2023 – Ablakwa

    Labadi Beach Hotel, deemed ‘struggling’ achieved GHS158m profit in 2023 – Ablakwa

    Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has presented additional evidence supporting his stance against the proposed sale of government assets to a state minister.

    The proposed sale is related to Social Security and National Insurance Trust’s (SSNIT) intention to sell its stakes in four state-owned hotels to Rock City Hotels Limited, owned by Bryan Acheampong, the Minister of Agriculture.

    In his latest statement on the issue, Ablakwa released financial and management reports of Labadi Beach Hotel spanning a decade, highlighting the hotel’s significant turnover and profits.

    Labadi Beach Hotel is one of the four hotels in which SSNIT plans to sell the majority of the state’s shares. The other hotels are La Palm Royal Beach Resort, Ridge Royal Hotel, and Elmina Beach Resort.

    Ablakwa referenced annual reports by Deloitte and concluded, among other points, that the profits generated by Labadi Beach Hotel alone could potentially support the other supposedly struggling hotels, if they were indeed struggling.

    “The financials reveal that Labadi Beach Hotel has cash reserves in 5 bank accounts amounting to an impressive GHS54,855,795.00.

    “Labadi Beach Hotel from the 2022 Deloitte financial statement had a turnover of GHS120,438,655. From the 2023 management account, this has commendably increased to GHS188,076,649.00,” his post read in part.

    The lawmaker also pointed out that the facility in 2022 “posted a gross profit of GHS70,734,099.00 — a figure which astonishingly more than doubled by 2023 to GHS158,490,448.00

    “In addition to dividends, Labadi Beach Hotel over the last 5 years has paid a significant GHS20,318,232 in taxes to government,” he added.

    Meanwhile, the minister in question has denied that there was anything irregular with the purchase agreement that has yet to be finalized. He admits being a director of the company but explains that he is not involved in the day-to-day administration of Rock City.

    Read Ablakwa’s full post below:

    I have finally secured the annual financial statements of Labadi Beach Hotel (Hotel Investments Ghana Limited) covering the last decade and been combing through the reports as prepared by the reputable Deloitte.

    I have also intercepted the 2023 management account of Labadi Beach Hotel.

    Incredibly, this is one of 6 hotels government says is struggling and desperately needs a strategic investor to inject capital and efficiency.

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

    The financials reveal that Labadi Beach Hotel has cash reserves in 5 bank accounts amounting to an impressive GHS54,855,795.00.

    Labadi Beach Hotel from the 2022 Deloitte financial statement had a turnover of GHS120,438,655. From the 2023 management account, this has commendably increased to GHS188,076,649.00.

    Labadi Beach Hotel in 2022 posted a gross profit of GHS70,734,099.00 — a figure which astonishingly more than doubled by 2023 to GHS158,490,448.00

    In addition to dividends, Labadi Beach Hotel over the last 5 years has paid a significant GHS20,318,232 in taxes to government.

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

    Anyone who takes over Labadi Beach Hotel alone can use its profitability to revamp all the hotels in SSNIT’s investment portfolio.

    Probably the all-Ghanaian management of Labadi Beach Hotel should be asked to manage all of SSNIT’s hotels.

    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!

  • Labadi Beach Hotel made GHC158m profit in 2023, how can you sell this “cash cow”? – Ablakwa asks SSNIT

    Labadi Beach Hotel made GHC158m profit in 2023, how can you sell this “cash cow”? – Ablakwa asks SSNIT

    North Tongu MP, Samuel Okudzeto Ablakwa, has raised significant concerns about the planned sale of a stake in Labadi Beach Hotel to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.

    Mr Ablakwa asserts that the four-star Labadi Beach Hotel, which made a profit of GHC158 million in 2023, has sufficient resources to sustain its operations, making the sale unnecessary.

    In his evaluation of the hotel’s financial records, Ablakwa expressed confidence in Labadi Beach Hotel’s strong financial standing, suggesting it is in a better position than Rock City Hotel.

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

    Labadi Beach Hotel is among three hotels that the Social Security and National Insurance Trust (SSNIT) considered selling.

    Mr Ablakwa, who brought the deal to public attention, questioned why SSNIT would sell 60% of its stake in these profitable hotels to a minister. SSNIT has since clarified that the sale was opened to tender, and Rock City Hotel’s financial statements were the most favorable.

    Ablakwa further detailed the hotel’s robust financial health in a post on the X platform: “I have also intercepted the 2023 management account of Labadi Beach Hotel. The financials reveal that Labadi Beach Hotel has cash reserves in five bank accounts amounting to an impressive GHS54,855,795.00.”

    According to the 2022 Deloitte financial statement, Labadi Beach Hotel had a turnover of GHS120,438,655, which commendably increased to GHS188,076,649.00 in 2023. The hotel’s gross profit also more than doubled from GHS70,734,099.00 in 2022 to GHS158,490,448.00 in 2023.

    In addition to its profits, Labadi Beach Hotel has contributed significantly to the government’s revenue through taxes, paying GHS20,318,232 over the last five years. Ablakwa emphasized, “Anyone who takes over Labadi Beach Hotel alone can use its profitability to revamp all the hotels in SSNIT’s investment portfolio.”

    Ablakwa suggested that the all-Ghanaian management team of Labadi Beach Hotel should be considered to manage all of SSNIT’s hotels, given their demonstrated efficiency and success. He concluded by stating, “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!”

    The planned sale has stirred a debate about the future of SSNIT’s investments and the strategic decisions surrounding profitable national assets.

  • Gov’t is selling Labadi Beach Hotel, others to loot and share – Yayra Koku

    Gov’t is selling Labadi Beach Hotel, others to loot and share – Yayra Koku

    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”.

  • How can Labadi Beach Hotel pay GHC25m as dividend to SSNIT and not be doing well? – NDC’s Yayra Koku asks

    How can Labadi Beach Hotel pay GHC25m as dividend to SSNIT and not be doing well? – NDC’s Yayra Koku asks

    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”.

  • SSNIT receives GHC25m from Labadi Beach Hotel as dividend

    SSNIT receives GHC25m from Labadi Beach Hotel as dividend

    Labadi Beach Hotel, Ghana’s premier five-star hotel, has announced dividends of GH¢25 million for the year 2022 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT).

    This financial distribution follows the GH¢10 million in dividends declared in February of the same year for the 2022 financial period.

    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”.

    Mr. Eduaful emphasized that possessing employees with the right mindset and attitude, along with maintaining consistency in service delivery, were crucial factors in accomplishing the company’s overarching objectives.

    “We continue to invest in the human capital of the hotel to be able to readily respond to the demands of today’s guests,” he added.

    Commenting on the historic payout to SSNIT, the Chairman of the Board of the hotel, Professor Douglas Boateng, said “SSNIT respects the board, and has allowed us to perform our fiduciary responsibilities with virtually no interference from the 100 per cent shareholder”.

    “Companies can declare profits, but not necessarily pay out dividends. If shareholders appoint the right board and allow them to responsibly discharge their duties, the end result is accountable governance and consistent performance. The best of Labadi Beach Hotel is yet to come, and yes, we can,” Prof. Boateng added.

    The 2022 dividend represents a notable 150% increase compared to the previous year, despite the prevailing economic challenges. Labadi Beach Hotel, operating for 32 years, has been a source of pride in Ghana’s hospitality industry, consistently delivering world-class services at par with global standards.

    Located near Kotoka International Airport and Accra’s central business district, the hotel features 164 rooms, including Presidential Suites, Executive Suites, and Superior Suites, along with various amenities such as bars, restaurants, conference facilities, a spa, a gym, fishing lagoon, and leisure pools.

    Over the years, the hotel has hosted distinguished guests, including the British Monarchy, heads of state, and other prominent personalities.

    Beyond its core mandate, Labadi Beach Hotel actively engages in social responsibility initiatives, sponsoring surgeries for hole-in-heart patients, providing food for street children, and organizing events for cured lepers, showcasing a commitment to community impact.

  • “Political insiders” have robbed Labadi Beach Hotel of their lands, just 2 acres remaining – Bright Simons alleges

    “Political insiders” have robbed Labadi Beach Hotel of their lands, just 2 acres remaining – Bright Simons alleges

    Vice President of IMANI Africa, Bright Simons, has asserted that certain politicians have unlawfully seized land belonging to the Labadi Beach Hotel, a property owned by the Social Security and National Insurance Trust (SSNIT).

    He highlighted that individuals connected to the political sphere have encroached upon the hotel’s land, resulting in a depletion of the beachfront area, leaving only two acres of land remaining.

    In a sequence of posts posted on X on Friday, November 10, 2023, the IMANI vice president further specified that one of these encroachments is associated with a prominent figure in the NPP.

    “Labadi Beach Hotel, built in 1991 by Ghana’s biggest gold mine, is Gh’s most prestigious 5-star beach resort. Since SSNIT, the state pension fund & 100% owner, took over mgmt, political insiders have hijacked the beachfront leaving the hotel with just 2 acres. SSNIT is helpless.

    “One of the beachfront encroachments is connected with a ruling party boss,” Bright Simons wrote.

    Additionally, he disclosed that the information available to him suggests that a temporary structure established for the Year of Return initiative in 2019 has been converted into a permanent facility.

    “Labadi Beach Hotel staff say the facility was meant to be a temporary event location for Year of Return. Now, it permanently blocks hotel residents’ view & bellows loud, disturbing, music every weekend,” he added.

  • Labadi Beach Hotel appoints first-ever Ghanaian MD

    Labadi Beach Hotel appoints first-ever Ghanaian MD

    David Eduaful has been appointed by Ghana’s premier five-star hotel, Labadi Beach Hotel as its Managing Director (MD).

    David Eduaful is an accomplished hospitality professional with over 30 years of experience in the industry. He is the first ever Ghanaian Managing Director of a five-star hotel in the country having previously served in various capacities in the hotel.

    With his extensive knowledge and expertise, David has successfully played both a strategic and operational role in the hotel. His diverse local and international experience has provided him with a comprehensive understanding of different aspects of the sector.

    David’s educational background includes an Executive Masters in Business Administration from the University of Ghana Business School and a Degree in Marketing from the Central University in Ghana.

    Commenting on the landmark appointment, Professor Douglas Boateng, Acting Chairman of the Board said “David’s commitment to service delivery quality, client relationship management and unquestionable passion for the hospitality industry continues to receive admiration from the supervisory Board of the hotel and his peers”.

    Since its inception in 1991, the Hotel has led Ghana’s hospitality industry, providing exceptional services to its cherished guests, and thus contributing immensely to the Tourism sector and by extension the economy of Ghana.

    Set amidst tropical landscaped gardens, adjacent to one of Ghana’s most popular beaches in the Country’s central business district, the hotel caters for business and leisure travelers.

    Labadi Beach Hotel which started with 104 rooms in 1991 can now boast of 164 rooms including 2 Presidential Suites, 4 Executive Suites, 4 Superior Suites, 5 Bars, 2 restaurants, a 900- seater multipurpose conference and banqueting facilities, a Spa with plunge pool, well-equipped Gym, Lagoon for fishing, 2 plush Leisure and lap pools on a sprawling tropical landscaped garden overlooking the natural Maale Lagoon.

    Clientele of the hotel have included the British Monarchy, Heads of state, Prime Ministers, and very important personalities who continue to make it their preferred resort for business and leisure activities.

    Speaking to the press, Mr. David Eduaful said, “The success story of this indigenous brand can be attributed to its innovative approach, an adaptation of the highest standards of operation and service delivery through its dedicated and most passionate staff who go the extra mile to exceed the expectations of customers’’.

    Labadi Beach Hotel has consolidated its lead in the Hospitality industry by winning many awards including recently the coveted CIMG Hospitality Facility of the Year 2018, 2019 and 2021 respectively, Best Maintained Facility 2019, Best Events Hotel Venue 2019 & 2020 respectively, Best 5-star Hotel of the Year award 2020 & 2021 respectively, Most Secure Hotel of the Year 2021, Most Digitalized Hotel of the Year 2021 organized by the Ghana Hotels Association and Hospitality Company of the Year 2022 awarded by Ghana Business Awards.

    In March 2023 the hotel paid a GHc10 million dividend to SSNIT, its sole shareholder.

    “With the unwavering support of the Board of Directors coupled with his strong leadership skills, and support from his management team, we are confident that David Eduaful will continue to make the hotel the most admired both locally and regionally”. Professor Boateng further stated on behalf of the entire board.

  • UBA Ghana’s Belinda Tinkorang named Corporate Lady of the Year

    Head of Commercial Banking at UBA Ghana, Belinda Tinkorang, has been named Corporate Lady of the Year at the 4th edition of the Women’s Choice Africa Awards held at the Labadi Beach Hotel in Accra last Friday.

    The annual award ceremony organised by Global Ovations under the theme, “Digital Transformation-The new phase of women empowerment’ is aimed at celebrating outstanding women who have made a mark in their respective fields and are advocating for women.

    Belinda who won Corporate Lady of the Year has worked with UBA Ghana for 17 years where she played an instrumental role in her previous positions as a Business Manager for the Madina, Corporate Business Office, Tema Main and East Legon 2 Business Offices.

    Not only that, but she was also a pioneer staff at the Takoradi Business Office where she was the Profit Centre Manager and achieved remarkable results together with the team.

    UBA Ghana’s Belinda Tinkorang named Corporate Lady of the Year

    Belinda is well deserving of this recognition as she is passionate about delivering the best customer service.

    Her impact on customer experience is so strongly felt that she was selected to join the Lagos team to develop a blueprint for customer experience and later appointed as the C1st Ambassador for UBA.

    Commenting on her award, Belinda says, “I am honoured to be recognised by the Women’s Choice Award as a winner of the 2022 Corporate Lady of the Year Award. This is a meaningful recognition and I’m humbled.

    “I dedicate this award to my family who is my strong pillar and to all women brightening the corners where they are. I also couldn’t have achieved this on my own without the support of my UBA Family. I feel empowered to do more and to keep being an inspiration to many.”

    Belinda’s unchanged belief is in women helping women and she is hoping her win will increase the profile of women doing great in their fields and empowering others and also inspire young women to aim for greater heights wherever they find themselves.

    She also commends all the nominees in her category for the respective roles they are playing in their fields.

    Source: Myjoyonline

  • Vodafone scoops 5 honours at National Communications Awards

    The 4th National Communications Honors was held this past weekend at the Labadi Beach Hotel in Accra, and Vodafone Ghana won five important awards there.

    The Vodafone Ghana Fixed Broadband team received the Access Innovation Award for Broadband Connectivity, while the Vodafone Ghana Foundation received the Social Contribution Award.

    Furthermore, the organisers named Vodafone Cash one of Africa’s Top 20 Technology and Telecom Products.

    Two of the telco’s executives were also honoured with Patricia Obo-Nai, Vodafone Ghana CEO, named Transformational Technology Leader of the Year, and Hannah Ashiokai Akrong, HR Director of Vodafone Ghana, was named Telecom HR Personality of the Year.

    In her remarks about the awards, Hannah Ashiokai Akrong, Human Resources Director at Vodafone Ghana, expressed her heartfelt gratitude to the event’s organisers, Vodafone employees, and customers.

    “These awards demonstrate Vodafone Ghana’s commitment to introducing innovative and creative ways to ensure that we adhere to best practices.”

    It validates our commitment to providing our customers with an unparalleled experience.

    “We will continue to invest in our network and people to provide quality services to our customers,” she said.

    These new awards, along with Vodafone’s extensive list of past honours, solidify the technology company’s leadership in product innovation, creative and engaging advertising, and sustainable community campaigns that promote development.

    The National Communications Awards are a prestigious, high-impact development communications program created and produced by RAD Communications Limited to promote effective communication as a means of national development.

    The awards are given to individuals and organisations that have demonstrated excellence while tackling new challenges in Ghana’s media, information, and communications sectors.

    Vodafone Ghana received five prestigious awards at the 4th National Communications Awards, which was held this past weekend at the Labadi Beach Hotel in Accra.

    The Vodafone Ghana Fixed Broadband team received the Access Innovation Award for Broadband Connectivity, while the Vodafone Ghana Foundation received the Social Contribution Award.

    Furthermore, the organisers named Vodafone Cash one of Africa’s Top 20 Technology and Telecom Products.

    Two of the telco’s executives were also honoured with Patricia Obo-Nai, Vodafone Ghana CEO, named Transformational Technology Leader of the Year, and Hannah Ashiokai Akrong, HR Director of Vodafone Ghana, was named Telecom HR Personality of the Year.

    In her remarks about the awards, Hannah Ashiokai Akrong, Human Resources Director at Vodafone Ghana, expressed her heartfelt gratitude to the event’s organisers, Vodafone employees, and customers.

    “These awards demonstrate Vodafone Ghana’s commitment to introducing innovative and creative ways to ensure that we adhere to best practices.”

    It validates our commitment to providing our customers with an unparalleled experience.

    “We will continue to invest in our network and people to provide quality services to our customers,” she said.

    These new awards, along with Vodafone’s extensive list of past honours, solidify the technology company’s leadership in product innovation, creative and engaging advertising, and sustainable community campaigns that promote development.

    The National Communications Awards are a prestigious, high-impact development communications program created and produced by RAD Communications Limited to promote effective communication as a means of national development.

    The awards are given to individuals and organisations that have demonstrated excellence while tackling new challenges in Ghana’s media, information, and communications sectors.

    Source: Myjoyonline

  • We don’t have music publishers in Ghana

    Former Board Chairman of the Ghana Music Rights Organisation (GHAMRO), has lamented the nonexistence of music publishers in the country.

    Rex Omar said this at the Showbiz Roundtable organised by Joy Entertainment at the Labadi Beach Hotel on Saturday, October 29, 2022.

    “We do not have music publishers in Ghana,” said Rex Owusu Marfo popularly known as Rex Omar.

    As a keynote speaker, Mr Rex Owusu Marfo spoke on the topic, “Importance of royalties to the life of the musician”.

    According to the highlife artiste, music publishing is a form of royalty, adding that music publishing is a very vital thing in the life of musicians, particularly songwriters. This, he explained is because it has to do with the exploitation of the song.

    “They [publishers] are the people who will look for films so that your music can be used as synchronisation or soundtracks … As long as your publisher is powerful all you need is one song well published.

    “If you are good songwriter and you have a good publisher you don’t necessarily have to sing. You can be sitting in Ghana, writing songs and you will have some top American artiste singing your songs and you are here quietly making your money,” he said.

    The thought-leadership forum, themed ‘Music Business and Tourism’, aims at delving deep into, and moving conversations from simply identifying some of the industry’s woes, to sharing ideas and insights that are critical to the growth and progress of the creative industry.

    Meanwhile, Rex Omar has advised prospective musicians to assess the commercial viability of the music industry before venturing into it.

    Source:myjoyonline.com

  • Thought leadership is important for industry’s growth – Sadiq Abdulai Abu

    The founder of 3Music Network Sadiq Abdulai Abu has thrown his weight behind Joy Entertainment‘s upcoming Showbiz Roundtable.

    In an interview, he said the event, which will centre on the industry’s issues, is very important for its growth.

    “The Showbiz Roundtable platform is an important thought leadership platform that affords us the opportunity to not only inform industry, but interact, share ideas and insights that are critical to the growth and progress of the creative industry,” Mr. Abu said.

    Mr. Abu will be a panelist for the Showbiz Roundtable.

    He will be joined by a number of the industry’s finest pundits on October 29, at the Labadi Beach Hotel, as conversations on contracts, artistes PR, revenue, royalties, global hits, tourism, culture, GDP, amongst others, go down.

    Mr. Abu comes on board with experience and vast knowledge in the showbiz space and understands the need to steer talks in the direction of individual and collective development and benefits.

    The Showbiz Roundtable is themed ‘Music Business and Tourism’, and is powered by Joy Entertainment.

    The host of Joy FM’s Showbiz A-Z, George Quaye will host the much-anticipated forum which promises to discuss other pertinent progressive issues affecting the entertainment industry.

    DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

    Source:myjoyonline.com

  • Kpeshie Lagoon Bridge: Ready to close to traffic

    Traffic on the Kpeshie Lagoon is anticipated to be suspended during rehabilitation.

    A section of the Teshie-Nungua Road was scheduled to be blocked to traffic effective Thursday, September 15, 2022, as stated by the Ministry of Roads and Highways.

    To make room for the renovation of the bridge that crosses the Kpeshie Lagoon after the Labadi Beach Hotel, the road will be closed.

    However, there was heavy traffic travelling over the three-lane bridge in both directions when the construction site was visited a day after the road was supposed to be closed.

    It was indicated by the contractors on site that all was set for the dismantling of the existing steel bridge to pave way for the construction of the new 2/3 concrete bridge over the lagoon, which flows into the Atlantic Ocean a few hundred metres away from the construction site.

    According to the contractors, they are currently waiting on the Ghana Highways Authority to give the final green light by diverting traffic away from the bridge for the construction to begin.

    The reconstruction of the bridge forms part of an expansion of the road running from Independence Square to the Nungua Barrier.

    The reconstruction of the Kpeshie Lagoon Bridge is expected to take some three months, with the new bridge expected to open to traffic on December 15, 2022.

    Traffic continues to flow a day after the planned road closure of Kpeshie lagoon bridge