Member of Parliament for Sekondi, Andrew Egyapa Mercer, publicly refuted profit data of Labadi Beach Hotel as stated by Samuel Okudzeto Ablakwa, MP for North Tongu, during a heated exchange on Metro TV’s Good Morning Ghana show (June 21, 2024).
The clash centered on the planned sale of four hotels owned by the state pensions outfit SSNIT to Rock City Hotels, owned by Bryan Acheampong, MP for Abetifi and Minister of Agriculture.
Mr. Ablakwa maintained that Labadi Beach Hotel, among the four hotels set for sale, had shown profitability, citing intercepted documents indicating losses for Rock City Hotels.
Specifically, he claimed Labadi Beach Hotel had posted profits exceeding 150 million cedis.
But Egyapa Mercer countered by stating that Labadi Beach Hotel reported a turnover of 21,871,394 Ghana cedis in 2023 with a net profit after tax of 51 million cedis, questioning Ablakwa’s figure of 150 million cedis.
Their debate intensified with Egyapa Mercer emphasizing that net profit, not gross profit, determines a company’s profitability.
He further criticized Ablakwa for suggesting the sale of profitable state assets, citing historical instances where assets were sold to foreign entities during Ablakwa’s tenure in previous governments.
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