Market News

(Bloomberg) -- Kenya forecasts its earnings from tourism, one of the nation’s main sources of foreign currency, will surge to a record this year as the government moves to diversify its attractions.

Earnings are expected to increase by almost 60% to 425.4 billion shillings ($3.37 billion) in the 12 months through December as the number of visitors to the East African country rises by the same measure to 2.35 million arrivals, according to the government’s Tourism Research Institute. 

Kenya, known for iconic safaris featuring animals from wildebeests to elephants and lions as well as sand beaches off the Indian ocean coastline, is looking to promote other attractions such as its cuisine and sport, according to Tourism Secretary Peninah Malonza. Her department will also “focus more on domestic and regional tourism promotion,” she said at a briefing on Wednesday in the capital, Nairobi. 

The government wants to ultimately increase the number of arrivals to about 3 million and earnings to 542 billion shillings.

Kenya’s tourist arrivals increased by 72% to 1.48 million visitors last year as the sector begun to rebound from the impact of the pandemic, compared with a global recovery rate of 63%. The industry accounts for 10.4% of Kenya’s gross domestic product and 5.5% of its formal employment, according to the Tourism Research Institute.