President of the Tourism and Hospitality Association of Guyana (THAG) Kit Nascimento says though the association is on sounder financial footing the development of the local tourism industry remains challenging and he cited crime concerns.
In his 2014 President’s Report to THAG, Nascimento said that when he took office in August 2013, the association was in financial trouble, without major sponsors and had a net current balance of $329,198. “It’s good to be able to report that in spite of the fact that we have not increased our membership fees and have not increased our membership, we are no longer in the red,” he said, adding that today the current balance is $3,193.609. However, while “THAG is now in a considerably better financial position than it has been for some time” it is “still…insufficiently financed to fully carry out its mandate.”
In January this year, THAG concluded a sponsorship agreement with GT&T for 36 months. GT&T is investing $3M annually for a
