Tourism sector businesses lose GH¢8bn to pandemic
June 29, 2021
Businesses operating within Ghana’s tourism sector has lost a revenue of GH¢8 billion to the pandemic with a resultant job loss estimated at 75 percent, Minister of Tourism, Arts and Culture, Dr Ibrahim Mohammed Awal has said.
A chunk of these businesses, which falls within the hospitality subsector, according to the Ministry, had to lay off thousands of workers in hotels and restaurants in order to cut down cost or due to total closure.
Globally, the tourism and hospitality industry was said to be the biggest loser in the pandemic as the world travel and tourism sector in 2020, suffered a massive loss of nearly US$4.5 trillion due to virus-related travel restrictions, border shutdowns, and drop in consumer demand, according to the World Travel and Tourism Council (WTTC)
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Following a successful 1
st Quarter CEOs’ Breakfast Meeting, the Ghana Investment Promotion Centre (GIPC) is all set to lead discussions on the country’s business climate again, in its 2nd Quarter edition of the event, slated for 25th May 2021 at the Labadi Beach Hotel.
The event, themed “understanding Ghana’s tax and exemptions regime towards increasing investor confidence in the business environment,” will give a breakdown of the country’s tax system to aid the investor make informed decisions.
The renowned CEOs gathering will also avail a platform for key stakeholders such as the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG), to delve deeper into the many tax incentives that investors can leverage.
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