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Africa’s Tourism Rakes In More Cash Than Manufacturing, Banking Combined

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Africa’s Tourism Rakes In More Cash Than Manufacturing, Banking Combined

Africa may need to deeply invest in its tourism sector to tap into various opportunities on offer.

According to the African Union, the Tourism sector on the continent supports about 21million jobs valued at more than $160billion – this is way higher than manufacturing and banking sectors combined.

Dr Amani Abou-Zeid, the AU Commissioner for Infrastructure and Tourism said that tourism was an engine for inclusive growth and economic development on the continent.

She said that the value of the industry now stands at over 160 billion dollars, accounting for almost 8% of Gross Domestic Product. So, it exceeds the contributions from manufacturing and banking sectors.

“Tourism industry accounts for more than 6% of the total investments value at $29 billion and employs over 20 million people, hence accounting for 6.5% of the total work force,” she said.

Abou-Zeid said it was projected that 5% of the tourism industry would grow much faster than the forecast 4.8% economic growth for the continent over the next 10 years.

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