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Economic Estimation Of Recreational Benefits: The Case Of Lake Bosumtwi In Ghana
This paper estimates the recreational value of Lake Bosumtwi (LB) in Ghana based on visitors' willingness-to-pay (WTP). The research aims at using the Travel Cost Method (TCM) to capture the economic value of the lake through the assessment of the various factors that influence the visitors' willingness- to-pay (WTP) for the lake, measure the consumer's surplus and then check if the demand for the lake will increase when it is developed. The probit model estimation was used for the analysis and the results proved that Cost of travel, education, quality of the lake's environment visitors' income and travel cost to and from substitute sites, were significant.
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