- July 8, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
President Akufo-Addo has launched a $10 million Ghana Tourism Development Project to support Small and Medium Enterprises (SMEs) in the tourism value chain in Ghana.
Delivering the keynote address, President Akufo-Addo said the move is to provide an additional boost to transform the sector for economic growth.
Speaking on the theme “Empowering SMEs for Sustainable Tourism Development”, the President called on small-scale businesses to support and make judicious use of their investments.
President Akufo-Addo said the project would among other things support 60% of female applicants.
He pledged his government’s commitment to supporting the tourism sector to boost revenue and job creation for development, and acknowledged the significance of tourism with regard to job creation, adding “that was the reason the government was putting in place measures to boost the sector”.
“We are building a business-friendly environment that will enhance entrepreneurship,” he said.
“It is in this direction that the government through the Ministry of Tourism Art and Culture this year is supporting SMEs in the tourism, hospitality, and creative sector with an amount of $10 million to enhance their businesses. The fund is a grant scheme facility under a World Bank project at the Tourism Ministry”, he added.
The World Bank Country Director to Ghana, Pierre Laporte, expressed the bank’s readiness to support Ghana but urged stakeholders in the tourism sector to reciprocate the gesture by ensuring the success of the project.
Pierre Laporte was, however, hopeful that “despite the current micro fiscal challenges, we are confident that Ghana will rise through it.”
Objectives of the project
The objective of the Ghana Tourism Development Project, a Government of Ghana initiative, is being funded by the International Development Association (IDA) of the World Bank Group.
The Ministry of Tourism, Arts and Culture (MOTAC) is the project implementing agency.
The project is to improve tourism performance by upgrading tourism sites and developing the capacities of players in the sector to generate increased tourism revenues.
The project, which begun in 2018, has four main components which are; to see the strengthening of tourism enabling environment; develop tourism sites and destinations, and tourism enterprise support and project management.