There is strong potential for significant returns in the tourism space – Ofori-Atta

The Minister of Finance, Ken Ofori-Atta, has emphasized the unending potential in the tourism space of the country and how it can help boost the Gross Domestic Product (GDP).

He said the government wants to be intentional about exploring opportunities with investors based on the continent.

Speaking at the tourism investment summit, he said: “Certainly, our development partners, such as the World Bank, will continue to be our trusted partners on our journey.

“We know that indicative returns (IRR) on tourism infrastructure lie in the region of 20-25% on the Continent. Indeed, we all witnessed the corresponding increase in average monthly revenue of GH¢1 million (from GH¢3,000) from the refurbished Kwame Nkrumah National Park since its commissioning in July 2023,” he said.

He added “So clearly, there is strong potential for significant returns in the tourism space.”

The minister, however, noted that there is an urgent need for increased funding and investment to enable sustainable tourism practices and infrastructure, including investments in renewable energy, green transportation, eco-friendly accommodation, and waste management systems that reduce carbon emissions, minimise environmental impacts, and promote sustainable resource use.

“Additionally, we want to work alongside potential investors to facilitate community-based tourism initiatives, provide training and capacity-building opportunities for local communities, and foster cultural preservation and heritage conservation. As we continue our economic build-back, sustainability and inclusion will be at the heart of a more resilient and competitive tourism sector,” Ofori-Atta said.

SSD/SARA

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