Travel & Tourism - Ghana | Statista Market Forecast

The projected revenue of Ghana's Travel & Tourism market is expected to reach US$461.00m in 2024.
Furthermore, it is anticipated that the revenue will grow annually at a rate of 8.21% (CAGR 2024-2029), leading to a projected market volume of US$683.80m by 2029.
The largest market is the Hotels market, which is expected to reach a market volume of US$183.40m by 2024.
By the end of 2029, it is estimated that the number of users in the Hotels will amount to 4.22m users.
The user penetration rate is expected to rise from 10.7% in 2024 to 14.5% by 2029.
The average revenue per user (ARPU) is projected to be US$124.20.
Additionally, it is expected that 71% of the total revenue in the Travel & Tourism market will be generated through online sales by 2029.
When compared globally, it is predicted that United States will generate the most revenue, with an estimated revenue of US$214bn in 2024.
Ghana's tourism industry is seeing a rise in interest due to its rich cultural heritage and natural attractions.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

Ghana's Travel & Tourism market is experiencing significant growth and development, driven by various factors that are shaping the industry in the country.

Customer preferences: Travelers in Ghana are increasingly seeking unique and authentic experiences, driving the demand for cultural tourism and ecotourism. Visitors are showing a preference for immersive experiences that allow them to engage with local communities and nature, rather than traditional tourist attractions.

Trends in the market: One notable trend in Ghana's Travel & Tourism market is the rise of domestic tourism, with more Ghanaians exploring their own country. This trend is fueled by a growing middle class with disposable income, as well as government initiatives to promote domestic travel. Additionally, there is a noticeable increase in adventure tourism activities such as hiking, bird watching, and water sports, catering to a niche market of adventure seekers.

Local special circumstances: Ghana's rich cultural heritage and diverse natural landscapes, including national parks, waterfalls, and pristine beaches, position the country as a desirable travel destination. The Year of Return initiative in 2019, commemorating 400 years since the arrival of the first enslaved Africans in the United States, also boosted international tourism and raised Ghana's profile as a cultural hub.

Underlying macroeconomic factors: The stable economic growth in Ghana, coupled with infrastructural developments and improvements in the business environment, has contributed to the expansion of the Travel & Tourism sector. Government investments in hospitality infrastructure, such as hotels and resorts, have further supported the industry's growth. Additionally, the country's political stability and safety record have enhanced its attractiveness to both domestic and international travelers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.