Hospitality industry needs financial assistance from banks, says Akwasi Agyeman

The chief executive officer of the Ghana Tourism Authority, Akwasi Agyeman, has noted with concern the difficulty the hospitality industry faces in securing financial assistance from banks in the country.

He said research has shown that most central banks do not have hospitality desks, unlike the other trading activities, which is a bit worrying.

Speaking at the Ghana Tourism Authority’s first quarter public-private partnership forum in Koforidua in the Eastern Region, Agyeman said, “Most banks do not understand the hospitality landscape so when you go looking for funding for a tourism related project they will rather find someone importing sugar from Thailand or Brazil.”

He called for support in addressing challenges and exploring opportunities to enhance financial support for businesses in the country’s tourism and hospitality industry.

The forum brought together stakeholders from the public and private sectors to address the challenges and explore opportunities for enhancing financial support for businesses in the country’s Tourism and hospitality industry.

The deputy minister for tourism arts and culture, Mark Okraku Mantey, said the government has supported the Tourism industry with ten million dollars in grants as part of the Ghana Tourism development project to promote the sector.

He said the grant empowers SMEs and provides a much more vibrant boost to the sector.

The Eastern regional director of the Ghana Tourism Authority, Dinah Adu Owusu, said the forum provides a platform for dialogue and collaboration to achieve greater financial empowerment for the country’s tourism and hospitality industry.

“The insight and better recommendations the participants will inform future policy decisions aimed at fostering a more robust and resilient tourism industry “she said.

The forum was under the theme: “Financial Empowerment for the Tourism and Hospitality Sector”.

Reporting by John Attafuah in the Eastern Region

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