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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Graphic Online
BY: Maxwell Akalaare Adombila
Category: Business News
Mr Ken Ofori Atta (right), the Minister of Finance, interacting with Mr Sergio Pimento, the IFC Regional VP, during the Ghana Strategy Retreat between Ghana and the International Finance Corporation. Picture: EBOW HANSON
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Ghana has asked the International Finance Corporation (IFC) to increase the funding it offers private enterprises in Ghana from the current $5 million to between $15 million and $20 million per business.
The Minister of Finance, Mr Ken Ofori-Atta, who made the call, also asked the corporation to raise the level of investment committed into core sectors of the economy, such as manufacturing, agribusiness, financial markets and housing.