An independent report has quantified the economic benefits to host countries of the influential Africa Hotel Investment Forum (AHIF).
The assessment revealed that the AHIF which returns to Addis Ababa in September, could inject $1.5 million directly into the local economy. The annual event attracts top range delegates including CEOs and MDs who usually spend top dollar in the local economy.
The report also estimates the hotel industry event will result indirect benefits of $2 million and over a quarter of a million in tax revenue to Ethiopia. That is if spending on the event is just 10% more than it was in 2014 when Ethiopia last hosted the event.
The assessment was based on recent research of attendees at AHIF and a study on the economic impact of previous editions of the conference.
Experts estimate that beginning 2011, AHIF events have made a total impact on the local host economies of $21.24 million of which $8.64 million is direct and $12.6 is indirect. This has helped to create or sustain over 6,000 jobs and generate $1.4m in tax to the governments of the host countries.
AHIF was formed as a platform to promote dialogue and deal-making between top players in the game. AHIF facilitated around $2.8 billion of investment in the hospitality sector across Africa in 2018 and $6.2 billion between 2011 and 2018.