Ghana - Accra
The concentration of Ghana's international tourist arrivals still revolves between the nation's capital city Accra, and the mining and agriculture regional destinations. However, there is growing demand for hotels in Ghana's second and third tier markets, with many players taking note of the massive potential.
Stakeholders such as hotel operators, investors, developers and the government sectors are closely following the new investments ‘hot spots' of Ghana. Hotel chains such as Hilton, Moevenpick Hotels & Resorts, IBIS Styles, InterContinental Hotels Group, Marriott International, Golden Tulip, as well as Ghana's domestic hotel groups such as Fiesta Hospitality Group and African Regent have indicated their intentions of strengthening the presence of their economy to mid-scale brands in the market.
Overall, Accra's tourism industry can expect strong long-term potential, bolstered by rising demand for international, domestic and regional travel.
Future additions to the current supply of hotels will continue to exert some pressure on values. With the recent launch of the Kempinski Accra and the Ibis Styles properties values have fallen slightly in US$ terms, although at a slower rate than previous years.
Due to a substantial amount of supply coming into the market, the level of occupancy dropped by 2 points in 2016 and the average rate experienced slow growth below inflationary levels. However, the opening of branded hotels will help increase the average rate. Poor currency performance leads to a 3.4% drop in values, down to US$218,000 which is the weakest year out of the past five years.