Ghana’s economy which is largely agro-based was in the past characterized by dwindling foreign reserves, high inflation, depreciation of the cedi and fluctuating growth.
The development of tourism in an integrated and more sustainable way has helped in increasing the country’s foreign exchange earnings, stabilized inflation, appreciated the cedi and increased growth, thereby contributing to reducing poverty in the country.
Furthermore, the promotion of domestic tourism in general and the development of historical, cultural and natural heritage sites in particular have made tourism a major source of domestic income for majority of Ghanaians, thus improving the living conditions of many Ghanaians residing in the countryside where these sites are located.
International tourist arrivals and receipts have been increasing substantially since 1982. In 2004, the sector attracted more than 500,000 tourists into the country with the corresponding tourist receipts of 640 million US dollars. In West Africa, Ghana leads its neighbours as the number one tourist destination. Tourism is the fourth largest foreign exchange earner after cocoa, gold and remittances from abroad.
The growth of tourism in this country is a result of the political stability, as well as social, economic and technological changes that have taken place in the country. It is also due to the hosting of important events like Pan African Festivals (PANAFEST), Emancipation Day Celebrations, National Festival of Arts and Culture (NAFAC), among others.
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