Uganda could lose up to $2 billion in tourism revenues this year, the tourism minister Godfrey Ssuubi Kiwanda reported.
The minister said the envisaged losses are the result of the transport restrictions implemented around the world to curb the spread of the coronavirus. Uganda, which depends heavily on European, American, Japanese, Chinese, and Indian tourists to attract foreign currency, has seen its tourism revenues significantly drop in recent months.
Although the government is considering reopening its air borders as part of the easing of restrictive measures, it would still take several months to see Uganda's tourism sector return to its pre-coronavirus level. Minister Kiwanda revealed that discussions are currently underway to obtain World Bank assistance for the sector.
The announcement comes a few months after President Yoweri Museveni's statement saying that the country expects to lose more than a billion dollars in tourism revenues per year. According to the IMF, the decline in tourist flows to the country is expected to cause a 54% drop in tourism revenues projected for the fiscal year 2019-20 and a 52% drop for the following fiscal year.
As a reminder, Uganda recorded 1.3 million tourist arrivals in FY 2018-19 for $1.6 billion in revenue. This year, the authorities expected 1.5 million visitors before the pandemic broke out.
Moutiou Adjibi Nourou
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...