Festivals key to unlocking tourism and economic potential – Latif Abubakar

Festivals are critical to boosting Ghana’s tourism and economic growth, offering immense opportunities for job creation, revenue generation, and business exposure, Chief Executive Officer of Globe Productions Limited, Latif Abubakar has emphasised.

Speaking on the economic impacts of festivals and ahead of the mega The African Festival 2024, Mr. Abubakar emphasised their transformative role in driving development across multiple sectors.

He noted that festivals generate revenue, create jobs, and provide businesses with a platform for local and international exposure, and these cannot be underestimated.

“For instance, festivals like The African Festival go beyond entertainment; they stimulate economic activity at various levels, from local vendors to large-scale businesses,” he said highlighting that the most significant economic benefits of festivals are the creation of employment opportunities.

Mr. Abubakar revealed that The African Festival 2024 alone is projected to create approximately 1,000 direct and indirect jobs for vendors, transport operators, and accommodation providers. “These festivals create a chain of economic benefits, providing income to service providers and boosting the hospitality and transport sectors,” he explained.

Small and Medium Enterprises (SMEs), particularly those involved in arts, crafts, and food production, also stand to gain considerably from festivals, he said, underscoring how festivals offer these businesses a platform to showcase their goods and services while driving increased demand. “SMEs are essential to Ghana’s economic, and festivals provide the visibility and demand they need to grow,” he remarked.

In the tourism sector, festivals attract both domestic and international visitors, significantly impacting Ghana’s Gross Domestic Product. “Festivals have a ripple effect on the economy; they drive growth and position Ghana as a key cultural destination,” he added.

To maximize these benefits, Mr. Abubakar recommended strategies such as targeted marketing to attract a diverse audience, fostering collaborations with SMEs, and conducting market research to understand patron preferences.

He also highlighted the importance of showcasing Ghana’s cultural heritage through festivals to attract foreign investments.

“Festivals are a powerful tool for promoting entrepreneurship, innovation, and cultural pride,” Mr. Abubakar told the B&FT ahead of The African Festival 2024, urging stakeholders to leverage the potential for national development.

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