An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method

This research aims at [1] identifying the factors that influence visits to Bunso Eco-Park; [2] estimating the recreational demand function for the park; and [3] estimating visitors' net benefit (consumer surplus) for embarking on an eco-park recreational trip to Bunso using a sample size of 440. Estimates indicate that the annual person value of the site is Gh cent 191.06 ($ 22.29) translating into an annual economic value of Gh cent 9,170,880 (US$ 1,070,114.35). There is an inverse relationship between the rate of visits and the travel cost. The positive intercept of the demand function indicates a normal demand curve for the Bunso Eco-Park. The variables of visitors' family size, marital status, and years visitors have known the eco-park were not significant. Educational level, age, gender, and knowledge of alternative sites were found to be factors influencing the visitation to the Bunso Eco-Park. Further valuation of the non-recreational value of Bunso Eco-Park would be useful to policymakers to place suitable management plans in sustaining and improving the quality of eco-park service. With its verdant forests, varied flora, and distinctive fauna, ecological parks serve as both a picturesque getaway and a vital hub for sustainable tourism, community livelihoods, and environmental preservation. Realizing the ecological treasure's inherent worth, it is now essential to explore the natural sanctuary's complex economic benefits. Knowing how the Bunso Eco-Park enhances our lives aesthetically and adds to the socio-economic fabric of the area is crucial to comprehending the complex relationships between nature and economics. The research was conducted to identify the factors that influence visits to the Bunso Eco-Park; estimate the recreational demand function; and estimate visitors' net benefits for embarking on an eco-park recreational trip. There is an inverse relationship between the rate of visits and the travel cost. The findings of the research indicate that further valuation of the non-recreational value of the Bunso Eco-Park would be beneficial to ensure sustainable development.