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Benin Republic Set for Economic Recovery of the Hospitality and Tourism Industry

Benin Republic turns to tourism

Goge Travel Club members pose for a photograph at the History Museum, Ouidah, Benin Republic.

 

Following the economic downturn of the world’s economy as a result of the Covid-19 health crisis, the Beninoise government has reeled out several initiatives to jumpstart the recovery of their economy.

Identifying the strategic position of the tourism and hospitality industry as a critical sector in the resurgence of the economy, in a statement released by the government, initiated the following measures:

  •  Financial support amounting to 63.38 billion FCEA to cover overhead costs of 70% of employees salary for the period of three months.
  • Reimbursement of VAT credits.
  • Tax exemption on motor vehicle for those who haven’t paid, with an option of its conversion into tax credits for those who have paid, for the year 2021.
  • Payment of commercial rents over a period of three(3) months.
  • Payment of full-charge of electricity bills for three(3) months, for hotels and travel agencies.
  •  A 0% interest rate credit facility through financial institutions repayable over a period of three (3) years.

With the initiation of these laudable initiatives, Benin Republic through the tourism sectors, has set the engine running on its path to economic recovery.

What do you think?

Written by Martin Eze

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