The Economic Impact of the AirBnb Market in Ghana

Updated by January ,29, 2022

The Economic Impact of the AirBnb Market in Ghana

The $75bn online vacation rental marketplace has quietly made inroads into Africa over the last couple of years allowing listings from Kenya, Nigeria, Ghana, South Africa, and other African countries as part of the 220+ countries and regions it operates.

Over the past few years, destinations across Africa have emerged to become some of the fastest-growing Airbnb markets in the world.

The continent has emerged to become some of the fastest-growing Airbnb markets in the world. Africans have earned more than $400 million from online hospitality service Airbnb since it was launched in 2008, according to a new report by the company.

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The According to a recent report, Airbmb has seen guest arrivals double in seven countries in the past year: Nigeria (213%), Ghana (141%), Mozambique (136%), Côte d’Ivoire (113 %), Algeria (105%), Egypt & Zimbabwe (104%).

In addition, three of the eight fastest-growing countries in the world for Airbnb guest arrivals, are located in Africa: Ghana, Nigeria and Mozambique. The company recognizes that with such a large number of guests visiting the continent through homes and experiences hosted on their platforms, the onus is on them to ensure that the tourism helps the countries, rather than hurt them.

The economic impact of the AirBNB market cannot be overemphasized, according to Fitch Solutions,

Following the rollout of vaccines and the easing of restrictions for inbound tourists, Ghana’s tourism sector is poised for recovery.

Growth in tourist arrivals is expected to grow in 2022, expanding by 28.4% year-on-year. The positive growth in tourist arrivals in 2021 and 2022 bodes well for hospitality businesses such as restaurants and hotels and recreation and culture establishments.”

Tourist arrivals into Ghana are expected to grow by 47% this year, Fitch has projected tourist arrivals to remain in 2011. It has projected tourist arrivals to remain positive in 2022, ec[anding approximately by 39 percent.

The positive growth in tourist arrivals is a major boost for hospitality businesses such as restaurants and hotels , property owners ,recreation and culture establishments in Ghana.

Airbnb can help grow tourism by attracting guests who are seeking different travel experiences and is expected to create more job opportunities and also improve the wage and employment prospects of people employed in this sector to boost the country’s economy.