- The tourism and hospitality industries are likely to lose an estimated $171 million due to COVID-19
- The amount was deduced from an assessment and was revealed by the Minister of Tourism, Culture and Creative Arts, Barbara Oteng-Gyasi
- Oteng-Gyasi explained that the loss affects both formal and informal sectors of the industries
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Ghana’s tourism and hospitality industry are likely to lose $171 million in four months, the Minister of Tourism, Culture and Creative Arts, Barbara Oteng-Gyasi, has revealed.
According to her, this is the direct result of the outbreak of the coronavirus in Ghana.
Taking her turn at the press briefing organized by the Ministry of Information on Thursday, June 4, 2020, she indicated that the prediction is based on an assessment carried out between March and June 2020.
READ ALSO: Sub-Saharan Africa to record first recession in 25 years- World Bank report
Oteng-Gyasi noted that the loss would affect both the formal and informal sectors of the industries.
Per a report by citibusinessnews.com, she added that the government recognizes the importance of the sector to the economy and its contribution to the economy in terms of revenue generation as well as job creation.
For those reasons, she went on, it is not in the interest of the government that job losses are registered in the sector.
YEN.com.gh has gathered that tourism is one of the hardest hits by the COVID-19 outbreak.
The sector is projected to create about a million jobs while contributing about 6.2% to Ghana’s GDP.
Most of the income realized from the sector mainly comes from foreigners who visit the country.
To tackle the challenge, President Akufo-Addo has reportedly constituted an inter-ministerial committee to assess the impact of COVID-19 on the sector and come up with a stimulus package for the struggling businesses within the industry.
Meanwhile, the Country Director of the World Bank, Pierre Frank Laporte, has reacted to reports of a $14 million package to revamp the tourism sector.
According to him, even though there are plans to support the industry, discussions are yet to be finalized.
He added that there would be a meeting with officials at the Ministry of Finance in a week’s time to finalise discussions.
READ ALSO: Ghanaian abroad now send less money home due to COVID-19 - Report
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