Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, has presented compelling evidence challenging the financial integrity of Rock City Hotel.

The MP's exposé suggests that Rock City Hotel, owned by Bryan Acheampong, Minister for Food and Agriculture, initially reported operating losses but later amended their financial records to declare a profit after Ablakwa's revelations.

Mr Ablakwa's disclosure comes amid his strong opposition to the Social Security and National Insurance Trust's (SSNIT) decision to sell 60 percent of its shares in four hotels, including the more profitable Labadi Beach Hotel, to Rock City Hotel.

Mr Ablakwa substantiated his claims with documents indicating Rock City Hotel's financial struggles, directly contradicting Acheampong's assertions that his hotel was not operating at a loss.

"On March 12, 2021, Rock City Hotel posted returns stating they would incur losses for the year," Ablakwa revealed during an interview on Accra-based Metro TV.

He further alleged that the hotel failed to file tax returns with the Ghana Revenue Authority (GRA) for the entire year of 2022.

According to Mr Ablakwa, it was only after his exposé brought these financial discrepancies to light that Rock City Hotel rushed to rectify their tax obligations.

Mr Ablakwa detailed how, on March 9, 2023, Rock City Hotel reported a debit adjustment for two withholding taxes amounting to GH¢20,782. However, no tax filings were made for the entire year of 2022. He questioned how the hotel managed to obtain a tax clearance certificate to participate in the SSNIT bid without filing taxes for two years.

In response to Ablakwa's exposé, Rock City Hotel went to the GRA on May 23, 2024, and declared profits for 2022, a significant departure from their initial loss declaration.

"After my exposé, they went to the GRA and declared profits instead of losses, resulting in a tax liability of GH¢395,000. They were also fined GH¢4,390 for their late filings," Ablakwa elaborated.

Mr Ablakwa emphasized that Rock City Hotel's actions were reactionary to his exposé, highlighting the company's sudden shift in financial reporting.

He noted that the hotel only filed its taxes on April 20, 2024, after the first quarter, indicating anticipated losses for that year. This raised significant concerns about their business practices.

The MP further criticized the SSNIT purchase decision, arguing that Labadi Beach Hotel, one of the hotels involved in the transaction, was notably more profitable. "Labadi Beach Hotel reported profits of one hundred and fifty-eight million, yet Rock City Hotel, which claimed it would make no profits, is now poised to buy it. This is inconsistent and troubling," he stated.

@nurudeen.m..yakub Evidence based Oversight Responsibility. Hon SOA has putting out the facts and figures from GRA that indeed Rock City declared a loss in 2023. #handsoffourhotelsdemo #yppppppppppppppppppppppp #trending #24hourseconomy @Sammy Gyamfi @Samuel Ablakwa Okudzeto @Beatrice Annan @Hajia Safia Iddrisu @King Poborsky TV @AnnanPerryArhin ♬ original sound - Nurudeen M. Yakubu Yalley