Zimbabwean company eyes Ghana’s tourism industry
A Zimbabwean hospitality company is upbeat about setting up in Ghana to serve the country’s tourism sector, citing political stability as the reason.
The CEO of Harare-based African Sun Ltd., which is listed on the Zimbabwe Stock Exchange (ZSE) has said his company is seeking to get listed on the Johannesburg Stock Exchange (JSE), to raise funding for its planned investments in Ghana, according to a report by the Zimbabwe Independent.
Mr. Shingi Munyeza was quoted as saying that, the company will float 20% of its issued share capital on the JSE to raise funds for investments in Ghana.
Meanwhile, he said already, 27% of the company’s revenue comes from Ghana. He was optimistic that the economic stability in Ghana and the increased tourism activities in the country make it conducive for his company to invest in Ghana. African Sun’s destination hotel in Ghana is the Holiday Inn Hotel.
“That is why we want to pursue this market, Ghana will remain an attractive business hub for West Africa due to increased investor confidence and political stability,” he said.
Apart from Ghana, the company is also pursuing opportunities in Nigeria and South Africa hoping to tap into the 2010 FIFA World Cup.
Its main business area, it says will be to pursue management contracts in Ghana.
Ghana’s tourism industry is rated third in West Africa after Nigeria and Senegal. Ghana’s Minister of Tourism was recently quoted as saying that, the sector is the fourth highest foreign exchange earner for Ghana, and the country earned a total of $1.3 billion from tourism in 2008.
By Emmanuel K. Dogbevi