Ghana is losing out when it comes to maximizing revenue for its events. The country is potentially missing out on substantial 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 crucial for fostering business relationships, showcasing innovations, and attracting global experts in various fields.
For the local tech scene, a location like Ghana Digital Centre hosts events including the Tech In Ghana Conference but a modern convention centre could play better hosts for future tech conferences.
The presence of such facilities can significantly boost a country’s economic profile by drawing in international visitors and investors, creating jobs, and stimulating local businesses.
Lack Of Centers In Ghana
In the case of Ghana, the absence of sufficient convention centers means missed opportunities for economic development.
Currently, Accra has two major centers for large events
- Accra Conference Center
- National Theatre
Currently, there are plans underway to redevelop the Ghana Trade Fair, a space that hosted events and conferences in the past.
The budget for the project was $3 billion. The completion date of the new development was set for the end of 2022 but the project has been delayed with no new completion date set.
A US study showed that the direct spending by out-of-town convention attendees brought in over $80 million annually for a mid-sized convention center.
Another convention center was recently completed and commissioned. The 7000-capacity Otumfuo Osei Tutu II Jubilee Hall is situated at Manhyia Palace, Kumasi. The center will host some of the events slated for the anniversary such as a photo exhibition and anniversary ball. The center can potentially host other events.
Some hotels offer space for conventions and events but having dedicated conference centers will have more benefits.
Economic Benefits
The construction and operation of convention centers create a wide range of employment opportunities, from direct jobs within the centers themselves to indirect roles in sectors such as hospitality, transportation, and retail. This employment generation is particularly crucial for Ghana, where youth employment is a pressing issue.
A US study showed that the direct spending by out-of-town convention attendees brought in over $80 million annually for a mid-sized convention center.
Another study looked at a convention center located in California. The study estimated that 315,000 visitors attended meetings, events, and trade shows that took place at the center. It was estimated that attendees generated a total local spending of more than $45 million.
Here are some of the other potential benefits and revenue sources convention centers bring:
Delegate Spending
Delegates typically spend more than average tourists, as many are on business trips or being reimbursed by employers, leading to higher spending on accommodation, dining, and other services.
Widespread Economic Impact
Beyond hospitality, convention-related revenues benefit sectors like staging, organization, technology, and event organization, diversifying economic benefits.
Community Assets
The activity generated by convention centers can create jobs and feed into revenue streams that fund community assets like schools, parks, infrastructure, and affordable housing.
Furthermore, the revenue generated from events held at convention centers can be reinvested into community assets like schools, parks, and other public services, contributing to the social and economic welfare of the population.
Looking To The Future
Ghana’s economic landscape could be significantly 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 premier destination for international events and business opportunities.
As Ghana continues to stabilize its economy and seeks to attract more private sector development, the establishment of additional convention centers could play a pivotal role in transforming the nation’s economic prospects and achieving more inclusive growth.
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Source:
techlabari.com
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