The much-anticipated Ghana Tourism Investment Summit 2023 has been slated for December 5 at Labadi Beach Hotel, Accra, on the theme ‘Tourism Investment, A Catalyst for National Development’.
The Ministry of Tourism, Arts and Culture (MOTAC) through the Ghana Tourism Development Project (GTDP), in partnership with the Ghana Tourism Authority and other agencies, is organising the Summit to bring together all relevant stakeholders in the tourism value chain to promote opportunities within the sector and attract investment.
The Summit seeks to attract attention to Ghana and market its rich and diverse tourism investment opportunities by bringing together investors who are seeking avenues for tourism partnerships.
It is also aimed at promoting Ghana as an attractive Foreign Direct Investments (FDI) destination for global foreign investment in tourism; extending global integration of Ghana’s tourism trade and investment into a new global reality; and securing investment in diverse priority and emerging Ghanaian tourism business areas for mutual benefits.
Distinguished speakers lined up for the summit include sector minister, Dr. Ibrahim Mahammed Awal; finance minister, Ken Ofori-Atta; World Bank country director-Africa, Frank Pierre Laporte; CEO-McDan Group of Companies, Daniel McKorley; and Chairman- GUMA, Robert Gumede.
Participants of the summit have been drawn from Tourism Value Chain Operators, Regulatory and Licencing Institutions, the Financial Advisory Sector, Real Estate, Banking, Insurance, Transport, Aviation, Tourism and Trade Associations, Public Entities and state-owned enterprises (SOEs).
Other partners include the Diplomatic Corps, Legal Practitioners, Development Partners and NGOs, among others. There will also be participation by some international infrastructure and investment firms from South Africa, the United Arab Emirates, United States of America, United Kingdom, Saudi Arabia and Turkey.
Ghana Tourism Development Project
The Ministry of Tourism, Arts and Culture (MOTAC) is currently implementing the Ghana Tourism Development Project (GTDP) with funding from the World Bank. The project has an overarching objective of improving tourism performance in targetted destinations in Ghana, and also attractong private sector participation and investment into the sector.
The project has invested in improving selected public sites and attractions, and has supported other private attractions and tourism facilities with grants to develop their facilities and improve service delivery.
Despite the investments made, many tourism, arts and culture-related enterprises require much-needed investment to develop/improve their facilities to optimise the benefits available through increased patronage, revenue generation and job creation.
The Ghana Tourism Development Company, working under the Ministry of Tourism, Arts and Culture, has developed project profiles for selected tourism enterprises that are commercially viable and require promotion for State/Corporate/Institutional/Individual investments from both local and foreign investors.
Since the inception of GTDP, many selected public sites have received various interventions, including but not limited to: Akwamufie Bogyawe Palace Museum; Kintampo Waterfall; Mount Afadjato EcoTourism Site; Ankasa Forest; Gushegu Smock Village; Manhyia Museum; Wli Waterfall; Bunso Ecotourism Site; and the Kwame Nkrumah Memorial Park etc.
However, many sites, attractions and tourism-related enterprises still require a capital injection in order to operate at optimum levels. There are gaps in the industry which must be filled to enable the sector to function properly. Big hotel chains, rest stops, amusement parks, eco lodges and budget hotels, restaurants, MICE facilities, beachfront facilities, transport services, aviation, digital tourism platforms etc. are some of the areas requiring further investment.
Tourism is complemented by certain infrastructure like good roads, power supply and railways, as well as certain structures needed within the tourism circumference like budget hotels, a plethora of domestic flight stations, watercraft enhancing water travel, picnic-areas, theme parks, theatres, training schools, and conferencing facilities. These infrastructural deficits go a long way to affect efforts at achieving overall destination attractiveness.
Certain sectors within the tourism landscape such as the creative arts sector – which includes arts and crafts, Ghanaian indigenous music, the film industry and others – cannot be ruled out as far as tourism investment is concerned.
Another prospect that requires investment is tourism digital services. As society moves deeper into the era of digitalisation, tourism can be infused into this landscape. Tourism Taxi Apps Services and Virtual Reality Systems have become a crucial area needing investment.