While the substantial decline in the value of the rand – down 20% against the dollar since the start of the year – has made South Africa a much more affordable destination, it has hampered the country’s ability to promote itself abroad.
The CEO of South African Tourism has said the weak rand has cut its buying power abroad, resulting in the likely loss of over R300m (US$22 million) in international marketing funds. Analysts predict that continued weakness in global commodities and equities markets will keep pressure on the rand for the foreseeable future. Read more: tourismupdate.co.za and allafrica.com