Mid-Year Budget Review: Gov't generated $1.8bn from tourism in first half of 2024 - Finance minister

The Minister for Finance, Dr. Mohammed Amin Adam, has announced that Ghana generated $1.8 billion from tourism in the first half of 2024.

This significant increase in revenue was revealed during the presentation of the 2024 mid-year budget review in Parliament on Tuesday, July 23, 2024.

In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), the Minister provided a comprehensive review of the country's economic and fiscal performance for the first half of the year.

Key topics included growth measures, revenue, expenditure performance, financing, and debt sustainability.

According to the minister, the first half of the year was marked by an increment in tourist arrivals as well as a significant increase in revenue from the tourism sector.

"Mr. Speaker, Ghana is being positioned as an internationally competitive tourism destination. Tourist arrivals have increased from about 500,000 in 2023 to almost 600,000 in the first half of 2024, increasing receipts to about $1.8 billion compared to $1.5 billion over the same period last year," he stated.

To support this growth, the government has enhanced tourism infrastructure, marketing, and supply-chain links. Notable redevelopment projects include the Aburi Gardens and the Pikworo Slave Camp.

"To complement this progress, we have enhanced tourism infrastructure, marketing, supply-chain links, through the redevelopment of key tourist sites such as Aburi Gardens, Yaa Asantewaa mausoleum, the museum at Ejisu, and the Pikworo Slave camp," he added.

The Finance Minister's report underscores the positive impact of these initiatives on the tourism sector, contributing to Ghana's economic development and positioning the country as a top destination for international tourists.

About the Mid-Year Budget Review

The mid-year budget review is a statutory requirement that provides an update on the government's fiscal policy and economic performance. It offers insights into the progress made and outlines strategies for the remainder of the fiscal year.

Watch the livestream here

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