Africa’s travel and tourism market projected to hit over $23b --[Reported by Umva mag]

Africa’s travel and tourism market is projected to reach a total of over $23 billion revenue by 2024, showing a 7.49 per cent growth compared the previous year, a UN official has said.

Speaking at the launch the IGAD Sustainable Tourism Master Plan on Thursday, Claver Gatete, the Executive Secretary of the UN Economic Commission for Africa (UNECA), said despite the impact of the Covid-19 pandemic, which led to a 67 percent decline, the tourism sector in Africa is projected to generate a total of $23.37 billion to the continent in 2024.

“Africa reached 92 percent of pre-crisis tourist levels by 2023, contributing significantly to GDP and employment,” Gatete said.

Recalling that in 2019, international tourist arrivals reached 1.5 billion, contributing nearly $9 trillion to the global economy, he said the complex macroeconomic, climate and access to financing challenges facing Africa today demand the continent to leverage its tourism resources.

Shrinking economic space that has seen nearly 40 percent of African countries in high or at risk of high debt distress is further compounded by unpredictable climate events that are now eroding an average of 5 percent of GDP annually.

He said tourism is a gateway to economic prosperity, cultural exchange and sustainable development and it holds great potential for Ethiopia, and the IGAD region and Africa in general to create job opportunities for Africa’s bulging youth.

According to Gatete, the situation however requires intentional actions that will unlock the capabilities of the tourism sector to drive sustainable growth and development.

“Well-developed transport systems, (especially air transport), improved connectivity, including broadband, hotels, conference infrastructure and increased energy capacity remain central ingredients for the tourism sector to thrive across Africa,” he said.

The launch of the Tourism Satellite Account is just one tool that the Economic Commission for Africa has developed to help countries measure their tourism’s contributions to GDP, employment, and investment, because data is the cornerstone for growth.

MG/as/APA

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