06

Oct
2021

Ghana’s Tourist Arrivals To Grow By 47% In 2021 – Fitch Solutions

Posted By : visitghadmin/ 95 0

Tourist arrivals into Ghana is expected to grow by 47% this year, following easing of Covid-19 restrictions, a report by Fitch Solutions, has revealed.

This is coming from a contraction of 65% in 2020, due to effects of Covid-19 which triggered restrictions in some sectors of the economy.

“Ghana’s tourism sector has been negatively impacted by the Covid-19 pandemic and related travel restrictions. In 2021, we forecast tourist arrivals to grow by 47.0% year-on-year”, the report stated.

The Ghanaian economy grew by a paltry 0.4% because many sub sectors including the hospitality registered negative growth rates. This is because economic activity came to a standstill or fell drastically last year.

But a further easing of the lockdown by the government and an improve condition globally due to vaccinations of majority of the populace has sparked tourist arrivals in the country.

According to Fitch Solutions, the rollout of vaccines and the easing of restrictions for inbound tourists is key for the recovery of the country’s tourism sector.

“We project the growth in tourist arrivals to remain positive in 2022, expanding by 28.4% year-on-year. The positive growth in tourist arrivals in 2021 and 2022 bodes well for hospitality businesses such as restaurants and hotels and recreation and culture establishments.”

Further, the research arm of ratings agency, Fitch, said the positive growth in tourist arrivals in 2021 and next year will improve the wage and employment prospects of people employed in this sector.

According to the Ghana Statistical Service, the Hotel and Restaurants sub sector was the third fastest growing in the second quarter of this year.

 

Ghana’s tourism sector has been negatively impacted by the Covid-19 pandemic and related travel restrictions. In 2021, we forecast tourist arrivals to grow by 47.0% y-o-y. However, this growth is from a low base following an estimated 65.4% y-o-y contraction in tourist arrivals in 2020. We believe that the rollout of vaccines and the easing of restrictions for inbound tourists is key for the recovery of the country’s tourism sector. We project the growth in tourist arrivals to remain positive in 2022, expanding by 28.4% y-o-y. The positive growth in tourist arrivals in 2021 and 2022 bodes well for hospitality businesses such as restaurants and hotels and recreation and culture establishments. This will improve the wage and employment prospects of people employed in this sector.

 

 

About Fitch

Fitch Ratings Inc. is an American credit rating agency and is one of the “Big Three credit rating agencies”, the other two being Moody’s and Standard & Poor’s. It is one of the three nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission in 1975.
Source: Joy News
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