Hotel industry in Ghana depicts resilience despite difficulties-PwC

Collapse in the oil price and that of other commodities has dealt a major blow to countries in the world.

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Hotel industry in Ghana depicts resilience despite difficulties-PwC

The Hotel industry in Ghana has remained resilient amid economic challenges, a report by global accounting firm PricewaterhouseCoopers LLP (PwC) has said.

Collapse in the oil price and that of other commodities has dealt a major blow to countries in the world.

The report gives credit to the government for promoting the hospitality and tourism sector.

In a report titled “Opportunities Abound for Foreign Investment in Africa’s Hospitality Sector”, PWC recalled that as of May 2017, there were 2, 723 hotels and lodges in Ghana with a number of internationally-branded hotels based in the capital, Accra.

The PWc reports also notes major progress being made by the government in improving transport infrastructure. For instance, the construction of a third terminal at Accra’s Kotoka International Airport and allocation of funds for the repair of roads to popular tourist destinations. These, PWc says have all helped to ensure the hotel industry in Ghana stays afloat.

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The report said the hotel industry in Ghana was expected to grow 1.1 percent in 2017, 2.1 percent in 2018 and 2.3 percent in 2019.

Ghana’s hospitality industry grew 1.2 percent from 2015 to 2016 and the World Travel & Tourism Council (WTTC) projected Ghana’s tourism industry to expand by 5.6 percent in 2016 and to maintain an annual growth rate of 5.1 percent per annum from 2017 through to 2027.

The PWC report said it expected an increase in the number of business travelers to the country as the government embarked on a number of initiatives to stimulate economic growth.

Pietro Calicchio, Hospitality & Gaming Industry leader for PwC Southern Africa, said the growth potential of Africa was high mainly because of the rapid economic growth in some economies; a growing middle class and an increase in visits from foreign visitors.