With the South African mining industry, the main contributing source to the national GDP presently under severe pressure with labour disputes, resulting directly in a weakened Rand which since July has been in steady decline to the USD and all major currencies and listening to Chris Hart, a Leading South African Economist, this spiral is not going to stop soon.
What it does mean is the Hospitality industry, especially tourism, is booming. If Chris Hart is correct the currency could be heading towards the 2009 levels of over $10:1 which in traveler lingo means great value to be attained on the ground in South Africa especially for those coming from countries with strong currencies.
It’s an absolute paradox and leaves me dumbfounded that earlier this year Cape Town hosted the “Invest in Mining Conference” at the Cape Town International Convention Centre, which hosted 7000 delegates drawing favorable international response, injected healthy income into the city coffers and that of the local hospitality business and has lead on to solid investment to the benefit of the whole of the South African economy only to see the mining industry being brought to its knees and the tourism industry benefiting from people taking advantage, rightly so, to the currency position.
In 2011 South Africa received a record number 12 500 000 people to its shores. Given the world’s depressed economic situation coupled still with the desire to travel and the current currency position, South Africa will be looking to break further records. There is a drive toward responsible tourism in all sectors together with a country embracing Greener and Eco-friendly practices together with such diversity in one country to attract an array of different tourist interest’s, South Africa is poised to see a huge upturn in tourist traffic and the dividend to the traveler, exceptional value.
What it does mean is the Hospitality industry, especially tourism, is booming. If Chris Hart is correct the currency could be heading towards the 2009 levels of over $10:1 which in traveler lingo means great value to be attained on the ground in South Africa especially for those coming from countries with strong currencies.
It’s an absolute paradox and leaves me dumbfounded that earlier this year Cape Town hosted the “Invest in Mining Conference” at the Cape Town International Convention Centre, which hosted 7000 delegates drawing favorable international response, injected healthy income into the city coffers and that of the local hospitality business and has lead on to solid investment to the benefit of the whole of the South African economy only to see the mining industry being brought to its knees and the tourism industry benefiting from people taking advantage, rightly so, to the currency position.
In 2011 South Africa received a record number 12 500 000 people to its shores. Given the world’s depressed economic situation coupled still with the desire to travel and the current currency position, South Africa will be looking to break further records. There is a drive toward responsible tourism in all sectors together with a country embracing Greener and Eco-friendly practices together with such diversity in one country to attract an array of different tourist interest’s, South Africa is poised to see a huge upturn in tourist traffic and the dividend to the traveler, exceptional value.
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