The estimate, yesterday released by a coalition of international travel and tourism bodies, would save the businesses from collapse and keep millions of jobs.
The sector contributes $169 billion to Africa’s economy combined, representing 7.1 per cent of the continent’s Gross Domestic Product . Besides the $10 billion worth of relief, the coalition also sought access to as much grant-type financing and cash flow assistance as possible to inject liquidity and provide targeted support to severely impacted countries.
The situation is now critical. Airlines, hotels, guesthouses, lodges, restaurants, meeting venues and related businesses face mounting losses. Typically, tourism is comprised of 80 per cent of small and medium-sized enterprises . To preserve cash, many have already begun laying off or placing staff on unpaid leave.
“Their livelihoods are at risk. Containing the pandemic is the top priority. But without a lifeline of funding to keep the travel and tourism sector alive, the economic devastation of COVID-19 could take Africa’s development back a decade or more. Financial relief today is a critical investment in Africa’s post-pandemic future for millions of Africans,” de Juniac said.
“It is critical that the most vulnerable communities receive international help. The speed and strength with which the international community comes together and responds through international financial institutions, country development partners and international donors will be paramount to provide support to the many millions of people whose livelihoods are heavily dependent on our sector,” Guevara said.
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