Senyo Hosi backs SMEs, bauxite and aluminium growth to unlock Ghana’s potential

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As Ghana steps out of the IMF Extended Credit Facility Programme, Financial Analyst Senyo Hosi advocates that the government drive productivity with a different approach. He urges the Ghana administration to drive it through growth led by the private sector instead of focusing solely on macroeconomic stability.

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He emphasises that in order to actively contribute to the nation’s economic growth and prosperity, development of an environment that fosters businesses, especially the small and medium enterprises (SMEs) is imperative.  

He opined that the IMF programme should be used as a cornerstone for industrial development and long-term economic sustainability. On Saturday, May 16, at The Big Issue on Channel One TV, he mentioned, “We need to move from macro-level stability to micro-level productivity, which will be driven by the private sector.”

Hosi added that SME productivity is a key factor, improving which would result in generating employment and domestic industrial expansion, thereby boosting the national economy.  “All we need is an enabling environment to catalyse the level of productivity we need. The SMEs' ability to be productive will be critical,” he noted.

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The analyst stressed the range of aluminium production and allied industries in the country, improving which would unlock industrialisation and increase employment opportunities. "Aluminium and its related products are just enormous. We have almost everything. We need to unlock what we have to create opportunities for our people," he said.

Delving further into the matter, Mr Hosi referred to the natural resources of Ghana such as the untapped bauxite reserves that bear huge potential to boost the nation’s aluminium industry. He advocated for their exploration to promote economic diversification by developing them into new supply chains. He urged, “We need to unlock our bauxite. We have still not done that. When we do, it will create a whole new supply chain and help us diversify and transform our economy.”

Urging the government to strengthen infrastructure and lower business operating costs to enhance private sector growth and competitiveness, Mr Hosi stated, “The government also needs to unlock infrastructure and the cost of doing business.”  

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