Ghana loses out when it comes to maximizing revenue for its events. The country is potentially losing significant economic benefits due to the lack of adequate convention centers.
Convention centers serve as hubs for international and domestic events, including conferences, exhibitions and trade shows. These events are vital for strengthening business relationships, showcasing innovations and attracting global experts in various fields.
For the local tech scene, a location like Digital Center of Ghana hosts events including the Tech In Ghana Conference, but a modern convention center could play better hosts for future tech conferences.
The presence of such facilities can significantly boost a country’s economic profile by attracting international visitors and investors, creating jobs and boosting local businesses.
Lack of centers in Ghana
In the case of Ghana, the absence of adequate convention centers means lost opportunities for economic development.
Currently, Accra has two major centers for major events
- Accra Convention Centre
- National Theater
For now, there are plans underway for redevelopment The Ghana Trade Faira space that has hosted events and conferences in the past.
The project budget it was $3 billion. The completion date for the new development was set for the end of 2022, but the project has been delayed with no new completion date set.
An American study showed that direct spending by out-of-town convention attendees generated over $80 million annually for a medium-sized convention center.
Another conference center was recently completed and put into operation. The Capacity 7000 Otumfuo Osei Tutu II Jubilee Hallarge located at Manhyia Palace, Kumasi. The center will host some of the events planned for the anniversary, including a photo exhibition and an anniversary ball. The center may possibly host other events.
Some hotels offer space for conferences and events, but having dedicated conference centers will have more benefits.
Economic benefits
The construction and operation of convention centers creates a wide range of employment opportunities, from direct jobs within the centers themselves to indirect roles in areas such as hosting, transportation, and retail trade. This job creation is particularly critical for Ghana, where youth employment is a pressing issue.
An American study showed that direct spending by out-of-town conference attendees brought up $80 million per year for a mid-sized convention center.
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Another study looked at a convention center located in California. The study estimated that 315,000 visitors attended meetings, events and trade shows held at the center. It was estimated that participants generated a total local expenditure of height more than 45 million dollars.
Here are some of the other potential benefits and revenue streams that convention centers offer:
Agents’ expenses
Agents typically spend more than the average touristas many are on business trips or reimbursed by employers, resulting in higher costs for accommodation, food and other services.
Widespread economic impact
Beyond hospitality, conference-related revenue benefits sectors such as; direction, organization, technology and event managementdifferentiating the economic benefits.
Community Assets
The activity generated by convention centers can create jobs and feed into revenue streams that financing community assets such as schools, parks, infrastructure and affordable housing.
Additionally, revenue generated from events held at convention centers can be reinvested in community assets such as schools, parks and other public services, contributing to the social and economic well-being of the population.
Looking to the Future
Ghana’s economic landscape could be greatly enriched by investing in more convention centers. Such facilities would not only provide immediate economic benefits through job creation and tourism, but would also lay the groundwork for long-term growth by establishing the country as a leading destination for international events and business opportunities.
As Ghana continues to stabilize its economy and seeks to attract more private sector growth, the establishment of additional convention centers could play a key role in transforming the country’s economic outlook and achieving greater inclusive growth.
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