Business24 Newspaper 8th March, 2021

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MONDAY MARCH 8, 2021

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NO. B24 / 168 | NEWS FOR BUSINESS LEADERS

MONDAY MARCH 8, 2021

Prez strikes optimistic note as nation turns 64

Golden Star says Wassa mine resource up by 1m ounces

By Joshua Worlasi Amlanu macjosh1922@gmail.com

G

olden Star Resources (GSR), the gold mining company, has said a recent assessment of the Wassa underground mine has shown an 86 percent increase in measured mineral resource, demonstrating the improving geological confidence that has been delivered by recent infill drilling programmes.

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SONA on Tuesday

By Nii Annerquaye Abbey abbeykwei@gmail.com

P

resident Nana AkufoAddo has stated that the fruits of the raft of policy measures being implemented by the government to battle the impact of the Covid-19 pandemic will begin to show after a year.

The president, in his

speech to mark the country’s 64th Independence Day celebrations, explained that government’s Coronavirus Alleviation and Revitalisation of Enterprises Support (CARES) programme, which was announced last year to battle the effects of the pandemic, remains on course to deliver the needed results.

“Government has taken

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resident Nana Akufo-Addo will deliver the first State of the Nation address in his second term on Tuesday amid high expectations of a return to normality as the Covid-19 vaccination campaign enters its second week.

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Editorial / News

MONDAY MARCH 8, 2021

Editorial

Dwelling on the positive story

L

ast Saturday, March 6, Ghana celebrated 64 years since it gained independence from the British.

Unlike the usual funfair that characterises such celebrations, this year’s was confined to arguably the shortest independence day parade in parade in a long time.

The pandemic is no doubt to be blamed for this occurrence.

Out of an abundance of caution, it would not make sense to organise such parades which would expose school kids and other persons to this virus.

Indeed, over the years the Independence Day parade in itself has been receive its fair share of criticize with many quick to point out that it still bears resemblance of a colonial

relic which has to be discarded.

Also, the number of hours school kids had to endure under a scorchy sun of a typical sunny day in March made the day lose its appeal for parents. While authorities, as much as possible, tried several approaches to minimize the effects on school pupils, the horror still remained on show across the country.

It had to take the covid-19 pandemic to actually prove that school kids can be offered respite from the vagaries of the weather under the guise of an Independence Day celebration.

There is no denying that the country will never be the same in the aftermath of the pandemic.

Going forward, the virus has showed that it is very possible to spare or minimise the roles

played by these school kids in these parades.

That notwithstanding, this paper would like to use this opportunity to congratulate all Ghanaians on this momentous occasion of our independence.

While the country may not have made the kind of progress it envisioned at independence, it is worth noting that the country still exists in one piece with the ability to have another go.

The temptation to be a pessimist is luring due to our obvious failures as a country but when the citizens resist that urge and put their shoulders to the wheel, we would leave behind a Ghana that we would all be proud of.

Happy 64th independence day!

Prez strikes optimistic note as nation turns 64 Continued from cover

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“A year from now, the benefits of economic recovery will begin to show. A year from now, our quest to move Ghana to a situation beyond aid will be accelerated, and our self-reliance enhanced. A year from today, we should regain our pride of place as one of the fastest growing economies not only in Africa, but also in the world,” the President said in his address.

He added: “A year from now, we should be processing more and more of our raw materials to help create jobs for the millions of Ghanaian youths. A year from now, more and more Ghanaian children should be having access to education. A year from now, every district and region should have a hospital, where residents will be able to have decent, affordable healthcare.”

Nevertheless, the President took time to explain how the pandemic has complicated the task ahead for his government.

“We recognise that the biggest challenge confronting us is to be able to put our country on the path of sustained progress and prosperity, and enhance the well-being of every Ghanaian.

When the global pandemic of COVID-19 struck, it derailed

our progress and wreaked havoc on all aspects of national life. Lives and livelihoods have been affected, the economy has suffered, and government has had to cushion households and businesses from the effects of the virus.

If any more evidence were needed of the impact of COVID-19, the fact that this, the 64th Independence Day celebration, has had to be

cancelled and substituted with, essentially, a virtual celebration is one of them,” he said.

The President called on all citizens to step up and play significant roles in the development of the country.

“Let us bequeath to our children, their children, and generations unborn a nation of hope and opportunity, not one of despair and retrogression,” he added.

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Golden Star says Wassa mine resource up by 1m ounces Continued from cover The company, in a release to investors, announced that the measured and indicated mineral resource at Wassa Underground has increased by 1m ounces after the addition of materials formerly reported as open pit and the cutoff grade reduction from 1.89 grams per tonne to 1.4 grams per tonne.

GSR said its mineral reserve plan outlines a six-year mine life with annual production averaging 177,000 ounces of gold at an allin sustaining cost of US$881 per ounce.

The mineral reserve is expected to deliver increased value with cut-off grades optimised for the higher mining rates achieved in 2020 and the resulting unit cost reductions. The open pit resource has been remodelled as an underground resource which enables accelerated access, reduced upfront capital demand and removal of low-margin ounces from the plan.

Andrew Wray, Chief Executive Officer of Golden Star, commenting on the update to investors, said in 2020, the company focused on improving their geological confidence in the orebody through an extensive

infill drilling program which has resulted in a significant increase in their measured resource and proven reserve.

“Converting the open pit reserve at Wassa to an underground reserve allows us to bring production from those areas forward with a lower upfront capital cost. Development of the Upper Mine will start to deliver production from 2023

and will provide a second decline access to the mine which can be incorporated into the long-term mine design,” he said.

The CEO further stated that the Preliminary Economic Assessment (PEA) demonstrates the significant value and growth potential of Wassa, clearly laying out the path to underground mining rates in excess of 7,000 tonnes per day and production

SONA on Tuesday Continued from cover

Ghana’s economy has been projected to grow at 4.2 percent this year by the International

Monetary Fund, but the forecast hinges on further relaxation of Covid-19 restrictions to support a recovery in economic activities, especially in the sectors worst-

affected by the pandemic.

The President is expected to announce a raft of measures and strategies to accelerate the postpandemic recovery, support

President Nana Akufo-Addo faces an arduous task in his second term due to the devastating effects of the pandemic.

of approximately 300 kilo ounces (koz) per annum when in steady state production.

“Following this study and with a stronger balance sheet, we are in a position to further accelerate the investment in drilling, development and exploration programmes to deliver on the growth potential and value of Wassa,” he said.

private sector growth, and consolidate gains made in his first term.

As he did at the commencement of his first term four years ago, the President is likely to affirm his commitment to delivering his 2020 manifesto promises, which include increasing investment in infrastructure, the highlight of which is the pledge to construct 111 new hospitals, and boosting job creation through industrialisation.

Analysts have expressed concern, though, over the large public debt stock and the burden of debt service payments on the government’s budget, challenges which could hamper the delivery of President AkufoAddo’s ambitious second-term programme.

Nevertheless, the President is likely to express confidence in his administration’s policies to address these problems as well as implement planned new investments in social and economic infrastructure.

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News

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Tullow addresses near-term debt maturities

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ullow Oil Plc says it anticipates that the review of the company’s business plan and operating strategy over the past few weeks would create the foundation to address nearterm debt maturities.

The company in a release to investors said it has engaged with lending banks within its Reserves Based Lending facility (RBL) and their financial advisers as well as with the financial advisers of the 2021 convertible bond holders and the 2022 bond holders.

“This plan is expected to generate material cash flow, which will enable reduction of the Group’s current debt levels and create the foundation to address near-term debt maturities.”

Tullow further indicated that the completion of the Uganda transaction in 2020, the recent announcement of asset sales to Panoro Energy, exploration portfolio rationalization and material cost savings, will enable

the Group to deliver in excess of US$1 billion of self-help over two years.

“This, along with strong operational performance in Ghana and higher commodity prices, is providing positive impetus to constructive

discussions with creditors with regards to Tullow’s debt refinancing options,” it said.

The Group is confident that a mutually satisfactory agreement for all stakeholders can be reached in the first half of the year.

As part of this process, Tullow and its technical banks have agreed a new debt capacity amount under the RBL facility of US$1.7 billion, however this remains subject to formal approval by a majority of lending banks and, once approved, it becomes effective starting February 26, 2020.

The company said, “The debt capacity reduction from US$1.8 billion based on the September 2020 redetermination reflects the effects of six months of production and the removal of the Equatorial Guinea and Dussafu assets as a result of their sale to Panoro Energy. Based on the new debt capacity amount, Tullow will have liquidity headroom of free cash and available debt facilities of US$0.9 billion. The next RBL redetermination is scheduled to take place in September 2021.”

Tullow will provide a further update at its Full Year results on March 10, 2021.

Unilever Ghana to create separate entity for tea business by end of 2021

Afreximbank to pilot Pan-African Payments and Settlements System in April

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nilever Ghana Plc has notified investors that it is planning to separate its tea business to form a separate legal entity in Ghana. This is part of a global review of its tea business, which Unilever has already separated into separate legal entities in some global locations.

The company stated that this is build-up on the “announcement made on July 27, 2020 about Unilever’s global announcement on the Strategic Review and planned separation of its Tea business”. And that “Unilever Ghana Plc wishes to notify its esteemed shareholders and the general investing public of the

plan to separate its tea business into a separate legal entity.”

The process is likely to involve shareholder approval at some point, but this is expected to go ahead smoothly given that Unilever Overseas Holdings holds majority stake in Unilever Ghana Plc., about 74.50% equity stake.

The separation is expected to be completed by the end of 2021.

“The planned separation will go through the normal approval process and is expected to be concluded by the end of 2021.

Stakeholders shall be informed of subsequent developments on this matter.”

he President of African Export-Import Bank (Afreximbank) Prof.

Benedict Oramah and the Secretary-General of the African Continental Free Trade Area (AfCFTA), Mr. Wamkele Mene has called on President Nana AkufoAddo at the Jubilee House in Accra.

As the Champion of the African Union Financial Institutions, the meeting was to brief President Nana Akufo-Addo on progress on the deployment of the Pan-African Payments and Settlements System (PAPSS), which is on track and scheduled to commence piloting in April and to be fully launched in June 2021.

An update on transactions funded by Afreximbank in Ghana was also provided.

Speaking at the meeting, Prof. Benedict Oramah said that Afreximbank had approved an amount of US$500 million to support the clearing and settlement for PAPSS in the West African Monetary Zone (WAMZ) countries where the pilot will be implemented.

It is envisaged that an amount of US$3 billion will be required to support the system upon full continent-wide implementation.

“On behalf of the Board of Afreximbank, I thank and commend His Excellency Nana Akufo-Addo for endorsing PAPSS as a critical instrument for full AfCFTA implementation and boosting intra-regional trade.

PAPSS will be rolled out across the continent to facilitate trade, removing major constraints to Africa’s regional payment systems. We count on President Akufo-Addo’s continuous strong support for integration to the BCEAO once integration with the central banks in the WAMZ region is completed, thereby achieving full ECOWAS integration,” added Prof. Oramah.

Afreximbank is in advanced discussions with other countries and regional payment systems, including COMESA REPSS, Zimbabwe and Angola, for connection to the system postpilot phase.

GNA

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News

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India donates 50,000 covid vaccines to Ghana

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he Government of India donated 50,000 doses of AstraZeneca’s COVISHIELD vaccines made in India by Serum Institute of India, to Ghana. The consignment arrived this morning at the Kotoka International Airport.

The High Commissioner of India to Ghana, Mr. Sugandh Rajaram, Minister for Foreign Affairs and National Integration, Shirley Ayorkor Botchwey, Minister for Health, Kwaku Agyeman-Manu, and officials from the Ghana’s Food and Drug Administration (FDA), Ghana Health Services (GHS), and High Commission of India were present for the handing over ceremony.

The handing over took place at the Kotoka International Airport, Accra with brief remarks by the High Commissioner who underlined the special relations India has with Ghana as evidenced by the donation of 50,000 Covid vaccines by India as a gesture of friendship and solidarity.

The donation of 50,000 doses of Covishield vaccines is part of the ongoing efforts of the Government of India under #Vaccine Maitri# programme to supply Covid vaccines to partner

countries all over the world including in Africa. #Vaccine Maitri, he explained, means ‘Vaccine Friendship’.

The Ghanaian Foreign Minister expressed her gratitude to the Government and the People of India, and in particular to Prime Minister Modi, for the donation

of the vaccines, which she said is not possible to procure even if one has the money.

The Health Minister in the same vein reiterated the scarce supply of vaccines and thanked India for the timely gift. He lauded India’s role in sharing the vaccines with the people of Ghana.

Only this month Ghana was the first country in the world to receive 600,000 Covishield made in India vaccines under COVAX facility and today Ghana became the first African country to receive 50,000 Covishield vaccines as gift by the Government and the people of India.

Virtual training of National Trainers for the 2021 Population and Housing Census commences

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he Ghana Statistical Service (GSS) has commenced a virtual training of almost 1,800 prospective National Trainers ahead of the 2021 Population and Housing Census (PHC).

The training started on Monday 1st March with a virtual opening ceremony and a baseline

assessment and is scheduled to last until the end of March 2021.

This training is the second phase of the three-phase training strategy adopted for Trainers for the 2021 PHC. The training strategy for the 2021 PHC was revised to incorporate virtual training to complement the traditional face to face approach.

Prof. Samuel Kobina Annim, Government Statistician & Chief Census Officer

The purpose of this change was to make the training more effective by introducing sustained engagements with trainees over a longer period. The hybrid approach to training is one of the many digital innovations being adopted by the 2021 PHC. This second phase follows a three-month self-learning phase

where prospective Trainers were enrolled into 17 virtual classrooms and provided training materials to study at their convenience. They were also required to complete review quizzes and participate in interim assessments to monitor their progress.

Master Trainers, who completed their training at the end of 2020 are the facilitators for this training. Three Master Trainers have been assigned to each of the 36 virtual classes.

Speaking in a pre-recorded virtual address to the National Trainers, Professor Samuel Kobina Annim, the Government Statistician and Chief Census Officer thanked prospective National Trainers for their interest in the 2021 PHC, updated them on the status of census implementation and highlighted some of the relevant innovations of the 2021 PHC meant to achieve complete coverage and quality data. He ended his address by wishing them all a fruitful engagement.

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Feature

MONDAY MARCH 8, 2021

7 factors to consider before buying a franchise

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tarting your own business is an exciting prospect, but how do you know which franchise is right for you? The amount of preparation you undertake before starting the journey will have a huge impact on your success.

where you have to work with people. Be sure to ask any potential franchisors whether you will be able to hire your own team, and consider expert support to do so if necessary.

4. Geographical Location or Territory - The success of a franchise business usually depends on your local knowledge about the industry and the brand.

However, there are territories that will take more time to develop than others.

1. Skills and Competence with the few franchise concepts in Ghana, you’re sure to find one that matches the skills and that you would enjoy doing on the global market. You’ll spend much of your time at work -especially in your first couple of years. The 5.

Family Support potential is much higher if you Especially if you share financial love what you do. responsibilities with your spouse

or another member of the family, 2. Financial Expectation it is essential that you secure their - All franchise concepts offer support. It would be difficult to various degrees of potential enjoy your new business and or actual income. You should thrive at something you really carefully consider your financial want, when your family are expectations, including your strongly against it. risk tolerance and how long you will be comfortable before the 6. U n d e r s t a n d i n g business starts to realize profits. Processes - Running a franchise is often a matter of implementing

a tried and tested methodology.

3. Team Building - Are you While there are franchisors a team player or better on your who welcome innovators, own? Running a business will most successful brands have inevitably put you in situations gained their ‘Unique Selling

Propositions’ from perfecting Authored by: BforB Ghana | their processes. Sticking to Networking Clubs the rules has its own merit in franchising. Business for Breakfast (BforB)

is internationally recognised for 7. Time - What hours do creating successful networking you prefer to work, and when meetings, events and training for do you want to start? Franchises referral marketing. Our global can be tailored from full time to offices are in Australia, Germany, part time or work around your Czech Republic, Spain, Slovakia, family commitments. On average Ghana and headquartered in UK. it takes 6-9 months to start a franchise, depending on some We create an environment factor such as funding, sites, where you can build quality offices or launch procedures. relationships within your group, The above list is just the most backed up by an ongoing member common point of discussion support programme. BforB is when we meet a prospective committed to helping small to partner. There could be others medium scale businesses expand. that are more relevant to your In our professional network, circumstances and be sure to members meet regularly in explore them to enable you make business networks to develop a well - informed decision. relationships, support each other All the best on your new and to share and record referral venture and we hope you see you business. networking with us soon.

We are here to help you get new business from quality business introductions and referrals made through our meetings.

Kindly join our next meeting using this link: https://rb.gy/qrf4pl Contact us: 059 4 016 432 | info@bforbgh.com | Facebook & LinkedIn: @bforbghana | www. bforb.co.uk

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Energy

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LNG Project delays in Senegal and Mauritania Offshore Waters - Covid-19, a contributing cause

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Figure 1. Source: Sweetcrude

s massive investment goes into cleaner energy, Liquefied Natural Gas (LNG) is not left out. As LNG is being tapped as a growing investment opportunity, the desperation of investors lies on project delivery schedules as well as Return on Investment (ROI) on their global energy portfolios.

Senegal, a West African nation, cries out loud seeking for an early gas from an LNG project.

According to Sophie Gladima, Senegal’s Oil Minister, disruptions cause by the coronavirus has delayed development in The Grand Tortue Ahmeyim gas field. The project now expects to produce its first gas in 2023 from a planned 2022. This project lies in offshore waters between Mauritania and Senegal as shown in figure 1.

British Petroleum (BP) and Kosmos Energy are collaborating on the $4.8 Billion project with expected revenues to be equally shared between Senegal and Mauritania.

In Gladima’s response to email questions, the project is set to produce 2.5 million tons of LNG annually and 70 million Cubic feet of natural gas a day in its first phase.

According to Gladima’s, “The start of the pandemic coincided with a key period corresponding to the development of the oil

and gas fields,” she said. “Many development-related activities, such as the mobilization of resources and people, the construction phases on various sites around the world and installations were affected.”

As countries may seem to be recovering from the pandemic because of the introduction of some vaccines, a few look forward to rapid gains from their pre-covid-19 era, where huge investments were made. Either in energy, transport or tourism.

The story in Senegal is no different.

A delay from a planned 2022 start has denied stakeholders a much-needed oil and gas revenue as its economy seeks to recover from the impact of the pandemic.

Between 2014 and 2017, reserves of more than 40,000 billion cubic feet of gas and 1 billion barrels of oil were found in Senegal - most of them shared with Mauritania, according to the International Monetary Fund.

These huge figures have prompted Senegal to be hailed as one of the region’s most promising new producers and a possible future member of OPEC. According to Gladima, “Any talk of joining any international organization or not is premature”.

A statement best believed to be made at this point.

Early days, require careful

steps.

She again stated clearly that, “Senegal is focused on the development of its oil projects to meet its objective of starting production from 2023,” The resources will be used “to build an economy that’s connected and competitive,” through the reduction of electricity costs, the development of local content, and industrialization, she reiterated.

At a climate conference, the Senegalese President, Macky Sall mentioned, Power plants run by the state-owned Senelec and independent producers such as Turkey’s Karpowership are expected to switch from heavy fuel to gas after gas-to-power projects are completed.

A similar transition was made in Ghana where a 450MW power badge was moved from Tema to Takoradi to be powered by gas away from heavy fuel. Prior to the move, a 10KM pipeline was constructed to facilitate this project.

Hopefully, the LNG project contracts signed among stakeholders are flexible and contract terms can be revisited and amended amicably since the pandemic has changed and pushed project first gas to 2023.

Contracts between FLNG vessel contractors, manufacturers, LNG offtakes, etc.

BP operates the project, alongside partners Kosmos Energy and the governments of Senegal and Mauritania. As already stated above the delays caused by the pandemic was associated with a 6 month force majeure that affected resource mobilization, construction and installation as declared by BP. This was as a result in the affected delivery schedule for the Floating LNG vessel as announced

by Bermuda-registered Golar LNG. Talks over revising project timetables and extent to which Covid-19 pandemic is the cause of the delay.

As a result, first production has been delayed by one year to 2023 and Phase 1 will carry an estimated cost of four billion dollars, a $300-million increase from previous estimates.

In situations like these, what do investors do? Do they discreetly start talks to reduce stake in grand Tortue or hold on tight and hope the new normal return activities quicker and better.

Patience, they say is a virtue BUT smart business decisions is relevant.

Writer: Donald Marshall Company: Mframadan Energy Management & Research Institute (M.E.M.R.I).

Contact: 00233-24-4550854 Email: donaldamus@yahoo.com

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Building a Better SDR

By José Antonio Ocampo

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he G20 has agreed on a new allocation of special drawing rights, the International Monetary Fund’s reserve asset.

This is great news: I have long considered the SDR one of the most promising, yet underused instruments of international economic cooperation. But if the world is to make the most of this half-century-old tool, reform is needed.

Many economists, including some colleagues and I, have been recommending a major new SDR allocation for a year now.

The G20’s failure to heed that recommendation exemplifies the inadequacy of international financial cooperation during the COVID-19 pandemic, especially when compared to the aftermath of the 2008 global financial crisis.

Now, however, the United States recognizes the need for cooperation: it was Janet Yellen’s predecessor as US Treasury Secretary, Steven Mnuchin, who opposed – and effectively blocked – the SDR allocation last year.

IMF Managing Director Kristalina Georgieva also deserves credit for championing SDRs as a powerful tool for supporting the COVID-19 response.

While the precise scale of the coming allocation has yet to be agreed, it should be at least $500 billion – double what the IMF issued in 2009. But it should not exceed $650 billion – the total value of IMF quotas – as that would require approval from the US Congress and would thus delay the decision.

The newly issued SDRs will be allocated according to IMF quotas, meaning that emerging and developing countries would

receive a little less than twofifths – nonetheless reinforcing their reserve assets significantly.

The developed countries’ share should be channeled into funds supporting low- and perhaps middle-income countries, including regional financing arrangements.

This would strengthen the global financial safety net.

But there are ways to boost SDRs’ impact further. First, the IMF should address the fundamental issue of dual accounting. As it stands, the Fund differentiates between “general resource” and SDR accounts – a system that turns unused SDRs into more or less irrelevant accounting records.

Today, more than four-fifths of all SDRs that have been allocated fit this description.

This is a relatively simple problem to fix. As Jacques Polak – one of the IMF’s early chief economists – suggested long ago the IMF should consolidate the two accounts. A simple way to do so, which I have suggested, is to treat unused SDRs as deposits in the Fund by the country that owns them. The institution could then use these funds to finance its programs.

Such an approach could lead to a further reform, with SDR allocations becoming the only source of IMF funding, much like money creation by central banks at the national or regional level. That way, countries would no longer have to provide special funding to finance IMF programs, and the Fund would no longer have to deal with countries contributing their quotas in a wide variety of currencies, only a fraction of which can be used for IMF lending.

A second critical reform would focus on SDR distribution.

Currently, emerging and developing economies must accumulate large amounts of foreign-exchange reserves to “self-insure” against both boombust cycles in international finance and the limitations of the global financial safety net. This exacerbates global inequities, because self-insurance results in large financial transfers to reservecurrency-issuing countries.

One way to correct this would be to give countries with the highest demand for reserves – mainly developing countries – larger SDR allocations. The economist John Williamson, for example, proposes an 80/20 split between low- and middle-income countries and high-income countries.

Another option would be to introduce demand for reserves as a criterion, alongside IMF quotas, for determining SDR allocations.

Either approach would help to create the “development link” in SDR allocations that a Group of Experts convened by the United Nations Conference on Trade and Development proposed in the 1960s.

To supplement this effort, the IMF could be allowed to buy bonds from multilateral development banks with unused SDRs. These banks can then use those funds to finance long-term loans to emerging and developing countries. Moreover, countries that are not using their reserve assets could be encouraged to donate them to support development or other objectives, such as climate-change mitigation.

The general IMF budget, rather than the donating country, should then cover interest payments on

donated SDRs. Similarly, countries could be encouraged to use allocated SDRs to capitalize regional financial institutions that support emerging and developing countries, thereby strengthening the global financial safety net.

For this to work, such capital contributions must be regarded as reserve assets.

According to many analysts (Richard Cooper , for example), the final piece of the reform puzzle is private use of SDRs, which would indeed be desirable.

But it could also generate problems, from speculative changes in demand to resistance by issuers of international reserve currencies, especially the US. A compromise would be to allow for limited private use of SDRs – for example, for deposits that financial institutions keep in central banks, including reserve requirements.

In any case, private use of SDRs is not the top reform priority; eliminating dual IMF accounting and implementing a more equitable system for determining allocations are. As the IMF prepares for its next large-scale SDR allocation, both should be on the agenda.

About the author José Antonio Ocampo, a former finance minister of Colombia and UN under-secretary general, is a professor at Columbia and Chair of the Independent Commission for the Reform of International Corporate Taxation. He is the author of Resetting the International Monetary (Non)System and coauthor (with Luis Bértola) of The Economic Development of Latin America since Independence.

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