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The global COVID-19 pandemic has made its presence felt in South African retail and consumer-focused businesses, especially in tourism and hospitality, but the full impact on earnings, cash flow and employment will last far longer than the initial lockdown.
There is promise after the storm, but good planning is needed by business owners in the restaurant, bar and events industry.
A message from the South African Tourism CEO, Sisa Ntshona, on the current state of the tourism industry in light of the COVID-19 Coronavirus impact on the tourism industry.
Africa’s hotel sector has the potential for further growth over the next five years. An increase in the number of foreign and domestic travellers, as well as an expansion in a number of hotel chains on the continent reinforces the hotel sector’s untapped potential for business growth.