The share of travel services imports in total services imports in Ghana exhibited significant volatility over the past decade. Starting at 9.66% in 2013, the share increased modestly until 2016, peaking at 10.38%. However, a sharp decline began in 2017, reaching its lowest point at 0.87% in 2020. This was followed by a recovery, with the share rising to 5.25% by 2022 and a slight increase to 5.27% in 2023. On a year-on-year basis, 2022 saw a notable rise of 56.55%, but the increase moderated to just 0.29% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at 3.38%, indicating a slow but steady recovery.
Future trends forecast a marginal increase, with the share expected to stabilize around 5.31% by 2028. The 5-year forecasted CAGR is minimal at 0.11%. To watch for future trends include:
- The impact of global economic recovery post-pandemic and its effect on travel.
- Policy changes related to travel and tourism in Ghana.
- Potential shifts in consumer behavior and preferences in the travel sector.
