Business24 Newspaper 24 May 23

By Eugene Davis

IMF Bailout: Analyst hints BoG may undertake second banking sector cleanup

The structural reforms under the programme comprises State Owned Enterprises (SoEs), Public Financial Management (PFM), Tax Reforms and Domestic Revenue Mobilisation, and Governance Reforms [corporate governance and other reforms] to support inclusive growth are the ve targeted areas that the IMF was looking at.

The International Monetary Fund approved Ghana’s request for a $3 billion bailout over three years to support the debt-ridden nation’s recovery.

Government through the central bank may conduct a second round of clean up in the nancial sector following the approval of the IMF programme, the Director of Operations at Dalex Finance, Joe Jackson, has suggested.

“We expect to see the central bank at work, helping, cajoling and may be conducting a second round of clean-up to ensure the health of the nancial sector.

So, in summary this is a bailout, emergency money, it is now that the hard work is starting and the e ort to restore us to nancial sustainability is about to happen,” he said during NorvanReports’ Twitter Space Conversation themed “Unpacking the IMF Approval and its E ects on the Economy”.

A regulatory crackdown on poor business practices and weak capital positions in Ghana’s banking sector resulted in a series of market exits since August 2017. The outcome was a smaller but more sustainable banking industry, though it came at a price. The Bank of Ghana (BoG) puts the total costs of its clean-up operation at some GHS10.98bn ($2.1bn), equivalent to just over 3% of the nation’s GDP in 2019.

Government in 2017 to January

2020, undertook a banking sector clean-up aimed at ensuring orderly exit of insolvent institutions to protect depositors' funds and also ensure the safety and soundness of the banking sector which was in a state of distress.

The clean-up saw a reduction in the number of banks from 34 to 23, whilst 347 micro nance institutions, 15 savings and loans and eight nance houses had their licences revoked.

And Mr. Jackson reckons a similar clean-up might recur to ensure to make the nancial sector viable.

According to Mr. Jackson, this was a bailout to ensure the country was saved from a generational economic meltdown which we may not recover.

He also indicated that it is going to be di cult for businesses to avoid the new taxes implemented by government particularly under the IMF programme.

For him, loopholes in the tax revenue generation are being plugged by the government on a daily basis, hence the di culty in businesses avoiding taxes particularly the Growth and Sustainability Levy that a ects the gross pro t of businesses.

The West African economy will receive an immediate disbursement of about $600 million, the IMF said in a statement on Wednesday following an Executive Board meeting.

Ghana, long seen as one of Africa's best run countries, has been struggling to recover from the combined e ects of the global Covid pandemic and the war in Ukraine.

Despite being one of the world's biggest producers of cocoa and the leading producer of gold in Africa, one of Ghana's basic problems is that it does not earn enough through exports to pay for everything it imports.

This is known as the balance of payments de cit and is partly what the IMF loan is designed to help with. But that is not all.

The programme is also expected to signi cantly slow the rate of in ation and ensure a stable local currency. All of this will bene t ordinary Ghanaians through stable prices of basic commodities including imported ones.

It has been considered risky to lend money to Ghana, but with the new IMF programme it should mean that the country can borrow again to implement its policies.

FBNBank CEO receives top prize at GhanaWest Africa Business Excellence Awards

is truly a humbling experience for me. However, I am grateful to the organisers and the panel for honouring me with this award. I believe such awards are meant to encourage people to work harder. Contrary to expectations that awards call for celebrations, I see them more as the milestone for yet another e ort to ensure that you continue delivering greater value. I personally feel the real owners of this award are the sta of FBNBank who have worked side by side with me, tackling all issues, overcoming challenges, and making things happen. I dedicate this to them, and this is to say thank you to them for the passion, the support and the camaraderie.”

Mr. Asante who has been Managing Director at FBNBank since July 2019 was recently honoured by the Chartered Institute of Marketing Ghana as a Chartered Marketer. This is on the back of his com-

mitment to the profession in all the capacities he nds himself whether in banking where he is MD of FBNBank or with Rotary International where he is the District Governor of District 9102.

The Ghana-West Africa Business Excellence Awards recognizes industry’s merits and sets a benchmark for excellence whilst rewarding innovative ideas that have pushed the boundaries. The Business Excellence Awards also brings together business players and recognizes achievements form local and international companies involved in various sectors.

The Ghana-West Africa Business Excellence Awards which was the 6th edition, is endorsed by the West Africa Chamber of Commerce and Industry and Strategic Accountancy Africa. The night also witnessed 56 entities and individuals who were decorated for their hard work and achievements.

The Managing Director of FBNBank Ghana, Mr. Victor Yaw Asante, has been awarded the “CEO of the Year”, Banking and Finance category at the Ghana-West Africa Business Excellence Awards over the weekend at the Movenpick Ambassador Hotel.

The purpose of the awards is to bring together business players and recognize the achievements of local and international companies involved in various sectors. All individuals and organizations that were awarded have contributed

immensely in moving businesses forward and have demonstrated achievement across a wide variety of domains including customer service, safety, performance, leadership, prudence, operational and product excellence, innovation and others.

Mr. Asante who received his award from Okatakyie Asafo Boakye III, ruler of the Sanzule Kingdom in the Eastern Nzema District of the Western Region, commented on the award that “It

Victor Yaw Asante, left receiving the award from Okatakyie Asafo Boakye III, right ruler of the Sanzule Kingdom in the Eastern Nzema District of the Western Region

Asamoah Gyan launches US$300,000 Baby Jet U-16 football tourney

H sin ality In Ghana

The week-long competition kicks o on June 4 to June 14 at the Cape Coast Sports Stadium.

In addition to competing for honours and also catch the eye of the scouts, Gyan and other football icons will also o er mentorship and guidance to the young footballers during the June 6 -- 13 tournament.

H sin ality In Ghana

dramatic increase in slum communities, unapproved settlements, and substandard residential structures across major cities in Ghana particularly Accra. The state tried to change the trajectory, so did the private sector but all to no avail.

brick’s cheaper building solutions. The bricks by designed have two

About 800 kids are expected to participate in this year’s Baby Jet U-16 African Football Tournament featuring 32 teams from various African countries to showcase their talents before international scouts and potentially earn professional contracts.

The good news however bad the situation may be today is that, 66 Engineering Ltd has reinvented the science, art and engineering of building standard residential houses that cost less than Ghs 60,000 in the capital city Accra, and even much more less in the other regions across the country.

By Eugene Davis

Sport telecasting the games for the entire continent to watch.

eco-friendly, and 50 times cheaper compared to the conventional concrete house. Now is the time for us as Ghanaians and Africans at large to embrace these innovations reinvented by 66 Engineering to build that enviable motherland of African states for ourselves and posterity.

The CEO of Baby Jet Foundation, Samuel Anim Addo, said the tournament was a major investment in the future of African football as it provided a platform for young talents across the continent.

Mentorship by legends

During the launch of the tournament in Accra on Monday, Gyan said he is rm believer of grassroot football.

Believer of grassroot football

“ I believe in grassroots football because that is where I started from, although we didn’t get the attention during our time, we were able to prove, this is the time to give this young ones attention, we are in a di erent generation, we have to encourage these kids to stick to the game because there are a lot of people who wants to play but they need the push, I have done it and it is time to give back to the society, my country and the whole of Africa.

He stated that the tournament had been given a big boost from African football legends such as Gyan, Stephen Appiah, John Paintsil and Emmanuel Agyemang-Badu who would o er mentorship and guidance to the young footballers.

(2) round holes and a small rectangular perforation in the middle. These holes are purposely for mortar joints and in some cases serves as conduits for plumbing pipes, electrical cable pipes, bamboo or iron reinforcement. Remember the technology is not

The Baby Jet U-16 African Football Tournament which is in its fth year is regarded as one of the best football tournaments on the African continent, which has proven to be a fertile ground for

purposely

unearthing the next generation of Africa talents, and for this year, 300, 000 dollars have been invested to make it a worthwhile experience.

mortar joints and in some cases serves as conduits for plumbing pipes, electrical cable pipes, bamboo or iron reinforcement. Remember the technology is not bricks that have been in the system that we all know. This technology is in the family of the stabilized compressed earth. It is a ratio of cement, clay or laterite, in some cases giving us a brick with average compressive strength of 8Mpa far higher than the average industry compressive strength

by a selective choice of the clay or laterite or a mixture of the two, the building maintains an environmentally friendly temperature that there will be no need to spend a dime on air conditioner installation and the electricity to power them. Alternatively, one can garnish this structure with natural stone décor marbles to give it that luxurious taste. The interior can be plastered depending on the taste and preference of the individual, or better still be sealed and polished with a special varnish cheaper than plastering and painting. Ceiling and lamp holders can be processed bamboo which is a local content input and environmentally friendly bamboo tiles et cetera ect cetera.

bricks that have been in the system that we all know. This technology is in the family of the stabilized compressed earth. It is a ratio of cement, clay or laterite, in some cases giving us a brick with average compressive strength of 8Mpa far higher than the average industry compressive strength

50 times cheaper the conventional concrete house. Now is the time and Africans at these innovations build that enviable African states for ourselves and posterity. we are therefore stakeholders in the building, construction and all governments continent, regulatory international and associations, non-govern mental organizations et cetera to clarion call by these innovations reinvented by this young company Ltd), and also news across the length and breadth of Africa. appealing to all interna as the World Bank, International Finance through the EDGE ECOWAS community, Free Trade Area Secretariate for partnerships, inves that 66 Engineering can do mass production of these GREEN BUILD ING TECHNOLOGY housing in gated estate communities to put shelter over the heads of the homeless majority of African people in our homeland Africa. You can reach us on: www.66engineering.com or send us a mail via 66engineeringgh@g mail.com for further information. Remember that the future is always built today and not tomor row. Imagination is our hallmark at 66 Engineering. Do not sit on the fence, join the revolution now!. 66 Engineering: Bringing Imag ination to Reality!

requirements of a concrete block. structure does not require after building, no painting, (you can only polish it if onlycolor designs). Color of the house can be kept consciously selective choice of the clay or a mixture of the two, the building maintains an environmentally friendly temperathere will be no need to spend a dime on air conditioner installation and the electricity to them. Alternatively, one can garnish this structure with natural stone décor marbles to give it that luxurious taste.

The interior can be plastered depending on the taste and preference of the individual, or better still be sealed and polished with a special varnish cheaper than plastering and painting. Ceiling and lamp holders can be processed bamboo which is a local content input and environmentally friendly

The tournament which is the brainchild of Former Black Stars captain, Asamoah Gyan, will feature 32 teams from various African countries to showcase their talents before international scouts and potentially earn professional contracts.

Writer: DANIEL KONTIE

Position: Managing Director (66 Engineering Ltd) Contact: +233209032280

We started this four years ago and now we have taken it to another level -di erent teams coming from di erent countries to support, at the end of the day, we want to the World Cup to come to Africa so we need a strong foundation, so this is why I decided to do it.”he told Business24/Investment Times in an interview.

By this publication, we are therefore calling on all stakeholders in the building, construction and real estate industry, all governments in the African continent, regulatory bodies, civil society 3 | P a g e organizations, international and regional associations, non-govern mental organizations et cetera to rally behind this clarion call by patronizing these innovations reinvented by this young company (66 Engineering Ltd), and also spreading the good news across the length and breadth of Africa. We are also appealing to all interna tional bodies such as the World Bank, International Finance Corporation (IFC) through the EDGE initiative, the ECOWAS community, African Union, the African Continental Free Trade Area Secretariate for partnerships, inves that 66 Engineering can do mass production of these GREEN BUILD ING TECHNOLOGY housing in gated estate communities to put shelter over the heads of the homeless majority of African people in our homeland Africa. You can reach us on: www.66engineering.com or send us a mail via 66engineeringgh@g mail.com for further information. Remember that the future is always built today and not tomor row. Imagination is our hallmark at 66 Engineering. Do not sit on the fence, join the revolution now!. 66 Engineering: Bringing Imag ination to Reality!

“This year’s competition is going to be an improvement of what we have been able to achieve in the past, and we will also bring the legends to these youngsters to inspire them as well,” stated Mr Anim Addo.

“We expect this year’s competition to be fun, educative and the best will surely be awarded and to their own bene t, get scouted and give them a career uplift”.

For his part, Anthony Ba oe, President of the Professional Footballers Association of Ghana, praised the initiative by Gyan to o er opportunities to young and talented footballers within the continent.

The reality is that, you end up having a complete house with sound and superiorstructural integrity,

bamboo tiles et cetera ect cetera. The reality is that, you end up having a complete house with sound and superiorstructural integrity,

Ghana’s all-time leading goal scorer explained that for this year’s edition, there is screening, going beyond the shores of Ghana to invite other countries to participate, scouts to monitor, Super-

Writer: DANIEL KONTIE

Position: Managing Director (66 Engineering Ltd) Contact: +233209032280

He called on upcoming footballers who fell within the age bracket to take advantage of the tournament which he believed had the potential to change their destiny.

Newmont Pays Over GHS 800 Million as Q1 Taxes to Gov’t

transparent about what we pay, are in line with our commitment to regulatory compliance and good corporate governance,”said David Thornton, Regional Senior Vice President, Newmont Africa Operations.

Newmont Africa’s operations in Ghana have a strong tax compliance history and received multiple taxpayer recognitions from the Ghana Revenue Authority.

“It is important, especially in these challenging times, for companies to honour their obligations to the state, as well to their various stakeholders, through direct payment of their taxes and investment in social programmes,” he added.

Newmont Africa’s operations in Akyem and Ahafo have both funded critical road infrastructure, working through the Ministry of Roads and Highways.

The mines’ investment in skills acquisition and sustainable livelihood programmes also ensure that local community residents are equipped with employable skills that are needed in the extractive and construction industries.

Newmont Africa has announced that, in the rst quarter of 2023, its Ghana operations (Ahafo South and Akyem mines) paid a total of GHS 843.72 million in taxes, royalties, and levies to the Government of Ghana, through the Ghana Revenue Authority (GRA), Forestry

This amount is broken down into Corporate Tax of GHS 514.57 million; Minerals Royalties of GHS 197.06 million: GHS 78.23 as Pay As You Earn (PAYE); GHS 42.31 as Withholding Tax; and GHS11.55 million as Forestry Levy.

“Ful lling our obligations in terms of statutory payments, and being

Apart from the taxes, royalties, and levies that go directly to government towards the growth and stabilization of the economy, Newmont Africa also focuses on stimulating economic development in the local communities that host the mining operations, through a range of programs and projects that deliver measurable outcomes.

Acknowledging the key role that road infrastructure plays, particularly in farming communities,

Newmont Africa is the country’s leading gold producer and operates two gold mines: the Ahafo Mine in the Ahafo region, and the Akyem Mine in the Eastern region. It is in the process of establishing a third mine, which is currently at the Project Stage – the Ahafo North Project. The company is a subsidiary of Newmont Corporation, the world’s leading gold business. Commercial production at Ahafo and Akyem began in 2006 and 2013, respectively, and currently has about 6,700 employees, directly and indirectly across its operations.

Newmont is actively involved in exploration activities across the African continent, and globally.

business digital transformations. The aim was to deepen understanding of the subject matter, e ect change in work processes, and revolutionise the way HR manages its daily activities. The forum served as a platform for HR leaders from various organisations to share their respective digital transformation programmes, with leading HR experts critically evaluating these presentations and sharing best-practice insights.

were met with widespread acclaim from attendees and fellow speakers. Her presentation not only o ered a unique perspective on the pivotal role of HR in digital transformation but also underscored Vodafone Ghana’s commitment to innovation and inclusivity. The CTO HR & ICT Forum 2023, themed “Digital Transformation: Building a future-ready HR,” convened professionals from over 30 member countries and thought leaders to discuss various facets of

Hannah Ashiokai Akrong, the Human Resources Director at Vodafone Ghana, recently shared her insights on the role of HR in digital transformation at the Commonwealth Telecommunications Organisation’s (CTO) HR & ICT Forum 2023.

Ashiokai, a recognised leader in the HR eld, presented Vodafone Ghana’s journey from a traditional telecommunications company to a technology-focused organisation. She underscored the company’s transformation pillars which include: a unique customer experience, a digital and personalised employee experience, and a commitment to fostering a digital society that includes everyone. Vodafone Ghana’s transformation, she explained, was not without challenges. The coexistence of new and old ways of working and

interim digital skills gap, were among the hurdles faced. However, through constant communication of the vision and strategy, engagement, and training, adapting to new ways of working, a focused reskilling and upskilling program, the company was able to push the transformation agenda through.

The HR Director also emphasised Vodafone Ghana’s dedication to building a digital society and ensuring inclusivity. She pointed to initiatives such as the #CodeLikeAGirl programme which imparts coding skills and work experience to girls from underprivileged backgrounds and other such interventions aimed at bringing Vodafone Ghana’s communities along on its transformative journey.

Ashiokai’s insights at the forum

Ambassador Edward Boateng, Director-General of the State Interests and Governance Authority (SIGA), has been honored at the 7th Ghana CEO's Summit for his excellent contributions to public sector management.

The summit, held on May 22nd, 2023, at the Kempinski Gold Coast Hotel in Accra, was under the theme, “Economic Sovereignty,

Sustainable Corporate Governance, Digital Industrial Transformation: New Paths for Growth and Prosperity. A Private -Public Sector CEO Dialogue and Learning.”

This was contained in press statement issued by the. Corporate A airs Division of SIGA, Amb. Boateng, who was away on another o cial duty, was represented

by Mr. Eric Bonsu Agyabeng, the Ag. Head of SIGA’s PME Division, who received the award on his behalf.

In his acceptance speech, Ambassador Edward Boateng lauded the organizers of the summit for recognizing SIGA’s accomplishments. He highlighted President Nana Addo Dankwa AkufoAddo’s visionary e orts in establishing

SIGA to ensure the pro table operations of Speci ed Entities.

He also appreciated his team for their hard work and purpose to duty, which led to him receiving the award. He encouraged sta to keep striving and to be torchbearers in carrying out SIGA's mandate.

“SIGA is working tirelessly with the Speci ed Entities to rise to the occasion and to create the economic super highway where businesses can thrive without being constrained by unnecessary bureaucracy. This will make Ghana a hub of economic prosperity, attracting both local and foreign investments”, his speech read.

The Ghana CEO's Summit, a renowned forum for encouraging dialogue and collaboration among corporate executives, featured a number of thought-provoking sessions, including presentations and panel discussions on a variety of topics. Experts shared useful concepts and strategies as they discussed digital transformations and their economic implications and highlighted success stories and a road map for creating a conducive business environment.

The summit also featured a vibrant business fair where exhibitors proudly displayed their wares. This exhibition provided companies with a unique opportunity to promote their o erings, forge potential partnerships and contributed to the summit's goal of supporting entrepreneurship and economic growth in Ghana.

Unido, Gea, Japan open Applications for its National Kaizen Initiative for Msmes

The United Nations Industrial Development Organization (UNIDO) and the Ghana Enterprises Agency (GEA) today launched a call for applications for its program aimed at scaling up Ghana’s national initiatives on Micro, Small and Medium Enterprises (MSMEs) promotion. The call for proposal under the joint implementation of UNIDO and the GEA is part of activities of its $3.9 Million project “Expanding the Kaizen Initiatives by Enhancing Sustainable Agri-Business”, funded by the government of Japan to

sustainably and continually improve quality and productivity of businesses in Ghana.

Mr. Marin Mizuno, UNIDO Project Manager, noted acquiring proper enterprise performance management skills is crucial to the sustainability of MSMEs and enterprises' growth.

Mr. Mizuno said: “In this di cult time, the only control at our disposal is our own internal resources, which we can maximize to improve enterprise performance. And in this regard,

I strongly believe that the Kaizen approach, which leverages the e ciency of internal resources, is the perfect tool for MSMEs to cope with the current di culties.”

He emphasised that UNIDO’s Smart and Sustainable Agri-business, an innovative enterprise performance management tool which leverages digital solutions for productivity improvement will contribute to modernizing enterprise performance management in the MSMEs space.

Mr. Tetsuya Imaoka, Coordinator

for Economic Cooperation of the Embassy of Japan in Ghana revealed the philosophy of Kaizen is to improve the enterprise performance by maximizing the e ciency with the available resources, rather than resorting to huge capital investment.

Mr. Imaoka a rmed: “I believe Japanese technology, experience and wisdom through a variety of methodologies and approaches is exactly what is needed in Ghana, especially for micro, small and medium enterprises as we go

are MSMEs.

He con rmed: “Micro, Small and

Mrs. Kosi Yankey-Ayeh, the Chief Executive O cer of GEA stated that the project is going to stimu-

ment and successful implementation of the Project”. MSMEs who meet the selection

conducted for the nal nomination of the enterprises to be supported under the program.

Protecting sea turtles for a more sustainable ocean in Ghana

Sea turtles are vital for maintaining healthy ocean ecosystems and sheries, and the Environmental Justice Foundation (EJF) is working with coastal communities in Ghana to protect them. This is helping to restore sh populations, reducing the impact of over shing and supporting Ghana’s marine wildlife into the future.

Since 2019, EJF’s turtle conservation project in Ghana has saved thirty-nine sea turtles and safely released them back to sea. The turtles came from a range of species: 27 Olive Ridleys, 5 Leatherbacks, 5 Green Turtles, 1 Hawksbill and 1 Loggerhead. Olive Ridley, Leatherback and Green turtles nest routinely along Ghana’s coastline. Leatherbacks are the largest sea turtle species and undertake the longest migrations between breeding and feeding areas of any sea turtle, averaging an astonishing 3,700 miles each way. Loggerheads and Hawksbills also visit Ghanaian waters. However, all these species are in decline in Ghana, and they are threatened globally.

The rescues were made possible through a community-led approach to protecting sea turtles. Out of the 39 safe releases achieved by EJF, 28 were turtles caught mistakenly by shers. The turtles were entangled in their nets, and the shers wanted to sell them to turtle meat proces-

sors to o set the cost of their damaged nets. However, the patrol teams were able to negotiate with the shermen and the turtles were released back into the sea.

The remaining 11 were found by turtle poachers during the nesting period but the patrol teams successfully persuaded them to release the turtles. Sadly however, not every turtle was saved –two Leatherbacks were killed at Senya Breku and one Green turtle died entangled in shing nets.

These conservation e orts are protecting turtles, but also the wider ocean ecosystem. Studies show that sea turtles play a vital role in maintaining healthy oceans and sheries by grazing on seagrass, maintaining coral reefs and regulating the populations of the jelly sh which prey on sh eggs. In addition, the eggs sea turtles lay on Ghana’s beaches supply nutrients that support coastal ecosystems.

In Ghana, sea turtles are commonly poached when coming to nest on the shore, or unintentionally entangled in shing nets. Nest destruction by dogs and coastal development also pose serious problems. This means taking action now to protect sea

turtles is essential to ensure their continued survival and to maintain the signi cant bene ts they bring to coastal communities, says EJF.

The project has been running since 2019 in Gomoa Fetteh, with an extension to Senya Breku in 2021, working to protect sea turtles through beach patrols, as well as producing lms to build support for community-based turtle conservation.

EJF CEO and Co-Founder Steve Trent said: “When sea turtle populations decline, the vital roles they play in ocean ecosystems disappear with them. This means that restoring thriving sea turtle popu-

lations brings a direct economic bene t for shers and coastal communities in Ghana. It is time to protect sea turtles, and rebuild their populations, to ensure healthy and resilient oceans for the future.”

As Ghana joins the rest of the world in marking World Turtle Day today, EJF will continue to encourage poachers to end their poaching activities and instead become protectors, bring children into the campaign as future turtle defenders, provide supplementary livelihood support for turtle processors and expand the successful beach patrol approach to other coastal communities.

Role of IMF and Ghana’s history of IMF bailouts

For over half a century, Ghana's government leaders have looked to the International Monetary Fund (IMF) anytime their economic policies fail.

The IMF, an international organization consisting of 190 member countries, was formed in 1945 to promote global nancial integration and cooperation. IMF membership provides nations with a platform to work together to foster global monetary cooperation, secure nancial stability, promote high employment among member countries, facilitate international trade, reduce poverty and promote sustainable economic growth.

Each member country of the IMF has voting rights, and voting power is largely determined by quotas. Countries with more signi cant economies, such as the United States, Great Britain, Russia, and Germany, have more voting power than smaller countries, such as Benin or Togo.

The IMF has various lending instruments tailored to di erent types of balance of payments needs as well as the speci c circumstances of its diverse membership.

When countries seek an IMF bailout, it is more for a breathing room than actual nancial help.

IMF bailout enables countries to implement adjustment policies and programs in an organized manner, which eventually restores conditions for more stabilized and sustainable economic growth.

The adjustment programs or policies of the IMF vary, depending on the economic conditions of a country. A country su ering from severe capital out ows may need to rst address circumstances that led to a loss of investor con dence before seeking nancial assistance.

Ghana's long association with IMF adjustment programs dates back to the early 1960s, shortly after it gained republican status. Despite being relatively stable economically, Ghana has relied on the IMF to implement adjustment programs and get the economy back on track. Most of the instances in which Ghana has gone to the IMF boil down to economic mismanagement and careless spending.

In 1966, after the overthrow of Dr. Kwame Nkrumah by the National Liberation Council led by General Kotoka, Ghana joined the IMF.

Between 1966 and 1969, the military

government invited the IMF and the world, in what was referred to as a "standby arrangement," to stabilize the virtually falling apart economy. For this three-year period, the IMF oversaw the privatization of most unpro table state enterprises and institutions to transform them into pro table enterprises.

In 1979, Ghana returned to the IMF after years of poor economic management, careless spending, corruption, and military coups. Before returning to the IMF, General Ignatius Kutu Acheampong led a revolution in the nation called "Operation Feed Yourself," an agricultural initiative aimed at boosting agricultural production. The Operation feed yourself campaign lasted from 1972 to 1978.

On 4th June, 1979, Flt. Lt. Jerry John Rawlings led a revolution and overthrew General Acheampong because of the socialist idea of operation feed yourself. The economic conditions in Ghana at this time were getting messier, in ation was high, and items such as soap and other imported goods became very expensive, leading to a successful overthrow of the government and installation of a civilian government.

In 1979, the newly elected government requested an IMF bailout to deal with the economic woes in the country.

During the regime of Rawlings, Ghana went to the IMF twice; signing up for the 1987 and 1988 bailout programs. During his regime, Ghana experienced severe food shortages and famine between 1981 and 1983 as a result of climate change conditions.

The country, which relied on food aid from humanitarian agencies, saw the worst economic crisis in modern times in 1983. Due to this crisis, the leader of the Provisional National Defence Council, JJ Rawlings, asked for an IMF bailout with a structural adjustment program.

The IMF removed state in uences over the economy and replaced them with a market oriented one, the economic recovery program introduced by the IMF helped government stabilize the economy and brought in ation down from 143% in 1983 to 10% by the end of 1991.

1995, 1999, 2003 and 2009 Debt cancellation period

In the middle 1990s global nancial institutions including the IMF started a campaign to cancel or eliminate debts of countries that were considered highly indebted. Because of this exercise, countries considered as such, were brought under a program called “Highly Indebted Poor countries (HIPC).” Under this program and the leadership of JJ Rawlings, Ghana received support from the IMF in 1995 and 1999, seeing debts of the country cancelled, and resources meant to pay o the debts, rather used to build schools, hospitals, roads, and public toilets.

Ghana in 2003 yet again returned to the IMF as a highly indebted poor country under the leadership of President John Kufuor. Ghana received a debt relief, which reduced the country’s debt from $66 billion in 2003 to $ 23 billion by 2006. Thus, funds meant for debt repayment as instructed by the IMF was channeled towards healthcare, sensible government policies and education.

2015 Dumsor and IMF bailout program

In the year 2015, under the John Mahama administration, Ghana experienced serious economic di culties because of power crisis which came to be known as “dumsor”. This power crisis and its resultant economic consequences pushed the country back to IMF seeking assistance for a bailout.

The IMF o ered the country a $918 million loan facility to nance reform initiatives aimed at accelerating economic development and job creation while preserving social spending.

The 2015 IMF bailout helped stabilize the Cedi and bolster the country’s faltering economy.

2022 Return to the IMF

The Ghana government, through the minister of Finance, Ken Ofori Atta in 2022 announced government’s decision to return to the IMF for a bailout. The decision by the government created a divided public opinion.

Government however explained that, the Covid 19 and the Russia -Ukrainian crisis are the main reasons for the economic down turn in the country as in ation hits about 125% over the past 3 months.

The Ghana government has

proposed an Enhanced Domestic Programme” to the International Monetary Fund, which will span for a minimum of 3 years. The government has however indicated that there will in no way try to cut o administration agship programmes such as building of schools, roads, hospitals, free SHS education programs and building of factories in all the 216 constituencies as pledged by the government during its election campaign.

Looking at Ghana´s debt servicing cost, which is 48% of the government total revenue, many experts believe that Ghana’s proposal to the IMF will prove complicated, as the proposal to the IMF will require debt restructuring. Though, the nance minister thinks otherwise.

Looking at Ghana’s history with the IMF, it appears that almost all the heads of state excluding Dr. Kwame Nkrumah have in one way or the other seek for an IMF bailout, including the current government under the leadership of Nana Addo Dankwah Akkufo Addo, who; though assured the citizens that Ghana was beyond aid which includes a possible IMF bailout.

However, current economic conditions point out that an IMF bailout is the only way out, as the price of goods have risen at an average of 41% over the past year. Thus, the Ghana beyond aid agenda seem futile and a mere political message to appease voters who have long for economic dependence; as the current government is expecting a $3billion dollar bailout from the IMF.

The question really begging for answers is how long will we keep going back to the IMF as a country and what’s the way forward for our beloved country Ghana?

This article was authored by Ananpansah Samuel, a lecturer at the Accra Business School.

By: Ananpansah Samuel (Financial Analyst) 0240103523

Ananpansah Samuel

Tax ShortsLet's talk data analytics

Did you know that data-driven organisations are three times

Data analytics involves the review of data sets, making trends and using them to draw conclusions about the information they contain. Data has always been an important component when it comes to decision making. What has changed over the years, is the large volume of data that must be processed and the advanced rooms available to process this data to make sense and help in decision making. Essentially, data is as valuable as gold.

From a business perspective, the rich variety of data that enterprises generate contain valuable insights and data analytics is the way to unlock them. Data analytics, if used properly, provides a competitive advantage by enabling organisations to identify new opportunities and leverage their insights to make strategic decisions.

At PwC, part of our strategy is to digitise our network. Upscaling our people to use software value addition to our business since 2020.

Data analytics is not only valuable while doing business, it can also be applied to personal spending can help to track leakages to make informed decisions. This may appear to be daunting, but it’s quite simple, especially when initiated on a small scale.

trends, visualise data and make important decisions, both personally and professionally. Let’s talk.

Lydia Pwadura (lydia.pwadura@pwc.com)

Padrina Annan (padrina.a.annan@pwc.com)

© 2023 PricewaterhouseCoopers (Ghana) LTD. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers (Ghana) LTD which is a member rm of PricewaterhouseCoopers International Limited, each member rm of which is a separate legal entity.

W ll Gh na attract two million

%&%3

?O=9(1!,(:@<@1!P6!+,-Q! R/8$!%&%%

-OH*@<!,(H1!PH@**@/G!+TUQ! ,(<$!%&%%

,(H1!1/!+,-!')1@/! ,(<$!%&%% 5K4%6

)*2!.&+$0.(*&0('"(-

M2(!+2)G)!V1/<E!LW<2)G9( <*/I(= */0(. :/.!12( 0((E /G!12(!H)<E!/:! J.@<(! =(<.()I(I HA # </OG1(.I4 M2( +VL!X/YJ/I@1(!FG=(W!P+VL XFQ */I1

C&435 J/@G1I!P C4C%6Q!1/!<*/I( 12(!0((E )1 %$C5K4&S J/@G1I$ .(:*(<1@G9 )! A(). 1/ =)1(!P[M,Q! 9)@G /: C4%&64! M2( +VL!\@G)G<@)*!V1/<EI!FG=(W!P+VL \FQ

Y()G02@*(! */I1!3#4B5 J/@G1I!P %4&36Q!1/!<*/I( 12(!

0((E )1 K$S>5455 J/@G1I$!.(:*(<1@G9 )! [M, */II /:!

K54556

]).E(1! <)J@1)*@^)1@/G =(<.()I(= HA! %4#56!1/!<*/I(! 12(!0((E!)1! +TUSS$#&54&B Y@**@/G$ :./Y +TUS>$&B&4BK Y@**@/G!)1!12(!<*/I(!/:!12(!J.(8@/OI! 0((E4!M2@I!.(:*(<1I!)![M,!9)@G /:!%4BC64!

M2(!0((E! .(</.=(= )! 1/1)*!/: S$&K>$3S5 I2).(I! 8)*O(=!)1!+TUSS$&&%$>5545# <2)G9@G9 2)G=I$ </YJ).(=!0@12 K#$#C5$5#B I2).(I$ 8)*O(= )1 +TU%C$KB3$B%K453 @G 12(!J.(<(=@G9!0((E4

]MR+T =/Y@G)1(= 8/*OY( /:!1.)=(I!:/.!12(!0((E 02@*(I! R(0!+/*= =/Y@G)1(=! 8)*O(!/: 1.)=(I!:/.! 12(!0((E$ )<</OG1@G9!:/. CK4#>6 )G=! B&4CC6 /:! I2).(I!1.)=(=!.(IJ(<1@8(*A4

M2(!Y).E(1!(G=(= 12(!0((E!0@12 3 )=8)G<(.I!)G=! # *)99).=I )I!@G=@<)1(=!/G!12(!1)H*(!H(*/04

<=>?@&&&+AB@=C&DA=&EF@&-@@G

(HI>E5 2J@K>KL& <=>?@&&&&&&&&&&& !MAC>KL& <=>?@& 34>KN,ACC& OPQ

!"#$%&"%'()*+(%*)&,"+"*(# -((.,/&+$0.(*&0('"(-&120 -((.&(%#"%3

-((.,/&+$0.(*&0('"(-&120 -((.&(%#"%3

+45 678 9:9;

KCb&Cb%&%3KSb&Cb%&%3K5b&Cb%&%3K>b&Cb%&%3KBb&Cb%&%3

+`,$!C4K36 LMF$!%4#B6 Va+L+T$!K4&36 ]MR$!C43>6

\@CE&R&*=4T@T&(HI>E>@C&Y5&'4MI@&DA=& EF@&-@@G&(KT>KL&67N:RN9:9;

\@CE&R&*=4T@T&(HI>E>@C&Y5&'AMIW@& DA=&EF@&-@@G&(KT>KL&67N:RN9:9; \]`$!34CS6 ?a--$!&4%&6 _RF`$!&4&>6

!X00(%!/&+$0.(*

M2(!X(=@ J@<E(=!OJ )9)@GI1!12(! _V,!:/. 12( 0((E4 F1! 1.)=(=!)1 +TUK&4>K%>bd$!</YJ).(=!0@12! +TUK&4BSK>bd!)1!0((E!/J(G$ .(:*(<1@G9!0b0 9)@G )G=![M, =(J.(<@)1@/G /:! K43>6! )G=! %&4SB6! .(IJ(<1@8(*A4 M2@I!</YJ).(I!0@12!) */II /:!KC45B6 )! A().!)9/4

M2(!X(=@ I1.(G912(G(= )9)@GI1! 12(!+?- :/.!12( 0((E4!F1 1.)=(= )1 +TUK34#B5Kbe$ </YJ).(=!0@12! +TUK34SC5#be!)1!0((E!/J(G$!.(:*(<1@G9!0b0 )JJ.(<@)1@/G )G= [M, =(J.(<@)1@/G /: K4KB6! )G=! %34S&6!.(IJ(<1@8(*A4!M2@I </YJ).(I!0@12! )! =(J.(<@)1@/G /:!>4SS6!)!A().!)9/4

M2(!X(=@ )*I/!)JJ.(<@)1(= )9)@GI1 12(!LO./ :/.!12(! 0((E4!F1 1.)=(=!)1!+TUKK45&C&bf$!</YJ).(=!0@12! +TUKK4B&&Bbf!)1!0((E!/J(G$!.(:*(<1@G9!0b0 9)@G )G=![M, =(J.(<@)1@/G /: K4S56 )G=! %K4>56 .(IJ(<1@8(*A4 M2@I!</YJ).(I!0@12!)!=(J.(<@)1@/G /:! B4%B6!)!A().!)9/4

M2(! X(=@!)9)@G!)JJ.(<@)1(= )9)@GI1!12( X)G)=@)G! ,/**). )1!0((E (G=4 F1!/J(G(= )1!+TU>4&K%KbXd HO1! <*/I(=!)1 +TU>4&5SCbXd$ .(:*(<1@G9 0b0 9)@G )G= [M,!=(J.(<@)1@/G /: K4&&6 )G=!%K4&B6 .(IJ(<1@8(*A4! M2@I!</YJ).(I!0@12!) =(J.(<@)1@/G /:!K#4SC6!)!A().!

)9/4

-@@GM5&"KE@=Y4KG&1A=@>LK&(Z?F4KL@&04E@C !I==@K?5&<4>= /@4=& 2J@K&&&&&&&&&&&&

+`, ]MR \]` ?a-- _RF` >#4##6 S&45C6 #B4#>6 %B4CC6 %4C&6 KB4CK6 %34&>6 354BC6 #&4&&6 SS4S56 Z>&4&&6 ZS&4&&6 Z#&4&&6 Z%&4&&6 &4&&6 %&4&&6 #&4&&6 S&4&&6 >&4&&6 K&&4&&6 ?a--MaM7` _RF`]MR+T M?` ++?` X7` VX?Va+L+T \]` R&\@CE&]&R&-A=CE&<@=DA=W>KL&)EA?GC /*#&0@EI=K

678 9:9;

&Kb&Kb%3 &Kb&%b%3 &Kb&3b%3 &Kb&#b%3 &Kb&Cb%3

+?-

L_' X7,

/*#&<@=DA=W4K?@&AD&EF@&3F4K4& !@T>&4L4>KCE&)@M@?E@T&!I==@K?>@C

32'(0%+(%*&)(!X0"*"()&+$0.(*

+/8(.GY(G1!.)@I(=!)!IOY!/:!+TU%$5%>4&% Y@**@/G! :/.!12(!0((E!)<./II!12(!BK ,)A )G= K>% ,)A M.()IO.A!?@**I4!M2@I!</YJ).(=!0@12!+TU%$5>K43> Y@**@/G!.)@I(=!@G!12(!J.(8@/OI!0((E4!

M2(!BK ,)A!?@**!I(11*(=!)1! %&4CS6!J4) :./Y! %&4#36! J4)4!*)I1!0((E!02@*I1!12(!K>% ,)A!?@**!I(11*(=! )1! %343S6!J4)4 :./Y!%%4BS6!J4)4!*)I1!0((E4

M2(!1)H*(I H(*/0!2@92*@921!J.@Y).A!Y).E(1!)<1@8@1A )1!<*/I(!/:!12(!0((E

678 9:9;

!2++2#"*/&+$0.(* a@*!J.@<(I! I*@JJ(=! :./Y!)!G().!_Vd55!)!H)..(*! =O.@G9!12(!0((E$!)I @G8(I1/.!</G<(.G!/8(.!12(!.@IE! /:!)!_4V4!=(H1!=(:)O*1!=)YJ(G(=!.@IE!)JJ(1@1( =(IJ@1(!) .@I(!@G! 9)I/*@G(!=(Y)G=!)G=!IOJJ*A!<O1I! :./Y!a-LXi!J./=O<(.I4 ?.(G1! :O1O.(I!1.)=(=!)1 _Vd5C4C> )!H)..(*$! </YJ).(=! 1/! _Vd5#4K5 )1!0((E!

/J(G$! .(:*(<1@G9 0b0 9)@G )G=![M, */II /: K4B&6! )G=!K%4&%6 .(IJ(<1@8(*A4

+/*=!J.@<(I!1@<E(=!*/0(.$!G(9)1@G9!)!I2/.1 *@8(=! .(</8(.A$! )I!Y).E(1I!.(Y)@G(=!:/<OI(=!/G! G(9/1@)1@/GI!/8(.! .)@I@G9!12(!_4V4!IJ(G=@G9!*@Y@14 +/*= I(11*(=!)1 _Vd%$&KB4>&$ :./Y _Vd%$&%#4>& *)I1!0((E$ .(:*(<1@G9!0b0 )G= [M, */II /: K4>B6 )G=!>4CK6!.(IJ(<1@8(*A

M2(!J.@<(!/:!X/</)!:(** :/. 12(!0((E X/</) 1.)=(= )1 _Vd3$&S>4&& J(. 1/GG( /G!\.@=)A$ :./Y! _Vd3$%%S4&& *)I1!0((E$ .(:*(<1@G9!0b0 */II )G= [M,! )JJ.(<@)1@/G /:! #4B&6!)G= K>4&&6! .(IJ(<1@8(*A

!"#$%&"%'()*+(%*)&,"+"*(# -((.,/&+$0.(*&0('"(-&120 -((.&(%#"%3

!"#$%&"%'()*+(%*)&,"+"*(#

-((.,/&+$0.(*&0('"(-&120 -((.&(%#"%3

+45 678 9:9;

\X)"%())&*(0+&21&*_(&-((.

"KE@=K4E>AK4M&!AWWAT>E5&<=>?@C&

+45 678 9:9;

*F@& ,4DD@=& !I=B@^ M2(!`)::(.!XO.8(!I1)1(I!12)1!@:! 1)W!.)1(I!).(!@G<.()I(=!)H/8(!)!<(.1)@G!*(8(*$!12(G! 1)W!.(8(GO(I!<)G!)<1O)**A!:)**!H(<)OI(!2@92(.!1)W! .)1(I!=@I</O.)9(!J(/J*(!:./Y!0/.E@G94

LjO)**A$!12(!`)::(.!XO.8(!I1)1(I!12)1!<O11@G9!1)W(I! </O*=$!@G!12(/.A$!*()=!1/ 2@92(.!1)W!.(8(GO(I4

"#$%&'(!

*--:8(;;4445'&#,#96&8*'<:5#%1;=<#1;>?@ABC;'&#,#96 &8;-*' <+33'% &$%7';

$\2X*&!"#$%

-((.,/&+$0.(*&0('"(-&120 -((.&(%#"%3

/*#&<@=DA=W4K?@&AD&)@M@?E@T& !AWWAT>E5&<=>?@C +/*= X/</) ?.(G1!X.O=(

&Kb&%b%3 &Kb&3b%3 &Kb&#b%3 &Kb&Cb%3

XF,7R!FG8(I1Y(G1I!`@Y@1(=!@I!)G!@G8(I1Y(G1!)G=! :OG=!Y)G)9(Y(G1!</YJ)GA!*@<(GI(=!HA!12(! V(<O.@1@(I!k!LW<2)G9(!X/YY@II@/G!PVLXQ!)G=!12(! R)1@/G)*!-(GI@/GI!'(9O*)1/.A!7O12/.@1A!PR-'7Q4

+45 678 9:9;

0()($0!_&*($+& R)Y(l!L.G(I1!M)GG/. LY)@*l(1)GG/.m<@=)G@G8(I1Y(G1I4</Y M(*l!i%33!P&Q!%&!>>K!>BC5

R)Y(l!]/I(I!R)G)!aI(@ [(H/)2 LY)@*lY/A(H/)2m<@=)G@G8(I1Y(G1I4</Y M(*l!i%33!P&Q!%#!#BB!&&SB

!20<20$*(&"%120+$*"2%

XF,7R!FG8(I1Y(G1I!`@Y@1(= XF,7R!T/OI( -*/1!R/4!KSB!?*/<E!S T))1I/$!R/.12!`(9/G! 7<<.)! M(*l!i%33!P&Q!%SK5K!5&&Kb!%S!3&&!3BK5 \)W!l i%33!P&Q3&!%C#!#3CK

LY)@*!l @G:/m<@=)G@G8(I1Y(GI4</Y

D(HI@1( l!0004<@=)G@G8(I1Y(G1I4</Y

E68&<+69'%( !"#$%&'(#'()$&*$("+)$,#-&,($"./#$0##'$ -,#-.,#1$(&$-,&/+1#$2&3$4+("$5#'#,.6$+'*&,7.(+&'$&'628$ 9'*&,7.(+&'$-,&/+1#1$&'$.'1$./.+6.06#$*,&7$("+)$,#-&,($ 1&#)$'&($%&')(+(3(#$.'2$+'/#)(7#'($,#%&77#'1.(+&'8 !"#$+'*&,7.(+&'$%&'(.+'#1$"#,#+'$".)$0##'$&0(.+'#1$ *,&7$)&3,%#)$(".($4#$0#6+#/#$(&$0#$,#6+.06#:$03($+()$ .%%3,.%2$.'1$%&7-6#(#'#))$.,#$'&($53.,.'(##18

FBNBank partners Remitly to ease money transfer

FBNBank Ghana and Remitly Money Transfer have announced a partnership that will make it easier for residents of Ghana to receive international money transfers from over 145 countries worldwide including 40 African nations.

The partnership will a ord the diaspora community the opportunity to transfer money to their families and friends back home in Ghana through FBNBank Ghana.

Remitly Money Transfer is a digital based remittance service and the partnership with FBNBank will allow bene ciaries to receive remittances via cash pick-up at any of the 25 networked FBNBank branches and agencies across Ghana. It is an a ordable, reliable, and fast way to send money to Ghana and the service it o ers is estimated to help millions of Ghanaians to meet nancial commitments and support families that depend heavily on these remittances. This partnership is also expected to promote digital remittances in Ghana while making more people nancially included.

FBNBank, with its network of branches and passionate teams across the country, is committed to innovating its digital products to provide convenience and ease of banking for its customers. The collaboration with Remitly, therefore, supports FBNBank’s dedication to innovation and increasing nancial inclusion.

Mr. Victor Y. Asante, MD/CEO of FBNBank said, “the partnership with Remitly Money Transfer will support the bank’s agenda of facilitating transfer of money to every resident in the country in a seamless process. The collaboration will position FBNBank as the leading partner in the money transfer business in Ghana and aid the Bank’s e orts to mobilize remittances from Ghanaians in the diaspora for bene ciaries back in Ghana. As a Bank, we continue to develop these products because we remain committed to delivering the Gold Standard of Value and Excellence to our customers by putting their needs rst. This partnership rightly addresses

that Customer Promise we have made and are committed to delivering on”

Customers and users of Remitly money transfer at FBNBank will bene t from reducing the risks of money laundering and advancing responsible nancial inclusion of migrants and their bene ciaries, accelerating the transformation of rural households, and increased convenience for and empowerment of users. According to Statista, an online platform specialized in market and consumer data, in 2022, personal remittances received covered 6.1 per cent of the country’s Gross Domestic Product (GDP) and this has helped reduce poverty, enable capital imports, and improve living conditions.

FBNBank has in its 27 years of operating in Ghana remained focused on putting its customers and communities rst. This, it has sought to do through the rich value and excellence of what the Bank contributes to the relationship with its stakeholders, particularly the customers. FBNBank Ghana is a member of the First Bank of Nige-

ria Limited Group which is renowned for its great customer service and general stakeholder engagement garnered over its 129 years of operation. FBNBank Ghana has 23 branches and 2 centres across the country with over 500 sta . FBNBank o ers universal banking services to individuals and businesses in Ghana.

Eni, partners provide entrepreneurship and small business management training in Western Region

Eni Ghana on behalf of its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), together with Ghana Enterprises Agency (GEA), have provided entrepreneurship and small business management training for over 900 bene ciaries.

The initiative targeted individuals from ten (10) communities, namely Atuabo, Bakanta, Ngalekye, Sanzule (including Anwolakrom shing area), Krisan, Eikwe, Anokyi, Ngalekpole, Asemda, and Baku in the Ellembelle District of the Western Region.

The project was carried out under

EDITOR: BENSON AFFUL

the Economic Diversi cation Building Business Project, which focused on women, youth and marginalized groups to enable the establishment of Micro, Small and Medium Enterprises (MSMEs), fostering entrepreneurial culture and supporting the local economy of the district. Training included subjects such as entrepreneurship, nancial literacy, as well as technical workshops, to create an enabling environment for job creation.

Over 900 bene ciaries received training in Entrepreneurship and Business Management, Health and Environmental Man-

agement, Compliance and Regulatory Support, Branding and Packaging, as well as support to formalize their businesses with the O ce of the Registrar of Companies. Technical skills training was also o ered in various trade areas, such as livestock, agro and sh processing, food and drink production, textiles, garment and accessories production, toiletries and cosmetics production, leather, rattan and woodworks, bamboo and catering services.

The project, designed in collaboration with the World Bank, is part of the sustainability initiatives that Eni Ghana, together with its OCTP partners, Vitol and GNPC, are carrying out to impact the commu-

PUBLISHED BY BUSINESS24 LTD

nities, by supporting start‐up businesses to enhance employment opportunities. It has been very well received by all stakeholders, including the leadership of the various communities and the Ellembelle District Assembly.

Ghana Enterprises Agency is the apex governmental body under the Ministry of Trade and Industry mandated to promote and develop Micro, Small and Medium Enterprises (MSMEs) in Ghana. Eni is a global integrated energy company operating in 62 countries. It has been present in Ghana since 2009 with its upstream activity and currently accounts for a gross production of about 70,000 barrels of oil equivalent per day.

Victor Yaw Asante, FBNBank Ghana MD/CEO