Togo - Lomé

Tourism Tattler - - BUSINESS & FINANCE -

Togo’s econ­omy has slowed to a 5% GDP growth in 2016 which is ex­pected to stay the same in 2017 ac­cord­ing to the World Bank. Rea­sons for slowed down growth are lower gov­ern­ment in­vest­ment and a de­cline in mar­itime traf­fic. Although Lomé has the only deep-sea port in Western Africa, a re­in­force­ment of the reg­u­la­tion in­hibits the amount of im­ports and ex­ports to the coun­try and its neigh­bours di­rectly. How­ever, the gov­ern­ment spent aside 150 mil­lion US$ to mod­ernise and ex­pand Gnass­ingbé Eyadema In­ter­na­tional Air­port in Lomé, which was in­au­gu­rated by Pres­i­dent Faure Gnass­ingbé in April 2016. The air­port is now able to deal with 2.5 mil­lion pas­sen­gers per an­num and han­dle the big­gest pas­sen­ger air­crafts in the world, which is the best con­di­tion to at­tract more air­line com­pa­nies. Although Lomé has a lim­ited sup­ply of qual­ity ho­tels, In­ter­na­tional and African brands in­creas­ingly show in­ter­est in the To­golese mar­ket. Carl­son Rezi­dor opened a new Radis­son Blu with 320 rooms in 2016 and im­me­di­ately hosted the African In­vest­ment Fo­rum in West Africa in Lomé, cre­at­ing a lot of pub­lic­ity in the hos­pi­tal­ity in­dus­try in West Africa. Onomo Ho­tels and Olodge also built es­tab­lish­ments that opened last year and a Pe­faco Ho­tel is sched­uled to open its doors in 2018. The open­ing of this qual­ity sup­ply had a sig­nif­i­cant im­pact on ho­tels' per­for­mance. While oc­cu­pancy lev­els dropped by 3.7% the av­er­age rate in­creased by 5.5% lead­ing to a slight de­cline in RevPAR of 0.8%. The num­bers are ex­pected to im­prove in 2017 re­sult­ing in a RevPAR growth of 5.5% driven by in­creased cor­po­rate ac­tiv­ity in the cap­i­tal. Lomé's pop­u­lar­ity does not end there: A new de­vel­op­ment, Wel­lCity, in the out­skirts of Lomé is de­vel­oped by Derou and Part­ners Group, a To­golese based com­pany. The “City of Well-Be­ing” is sup­posed to in­clude over 1,500 ho­tel rooms as well as con­fer­ence, com­mer­cial and recre­ational fa­cil­i­ties to cater for the To­golese mid­dle class and the en­vi­ron­men­tally con­scious. For de­tailed anal­y­sis visit http://hvi.hvs.com/mar­ket/africa/To­go_-_Lome

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.