At a panel interview during the recently ended UK-Africa Investment Summit hosted in London, United Kingdom, Dr. Daniel McKorley, founder and Chief Executive Officer of McDan Group of Companies commended the Ghanaian government for providing indigenous businessmen the opportunity to prove themselves and contribute their quota to the overall growth of the private sector.
Headquartered in Accra, Ghana, McDan Group was established in November 1999 with branches in Sierra Leone, Liberia, Equatorial Guinea and the United Kingdom. The company has a presence in over 2400 major air and seaports worldwide. Over the years the company has expanded its services from customs brokerage to freight forwarding, including warehousing (bonded and non-bonded), hauling, project cargo movement and ground handling.
In his conversation with panel moderator and Hogan Lovell’s Head of Africa Practice, Andrew Skipper, Dr McKorley expressed concern for the infrastructure sector in most African countries; specifically, Ghana. He stated that local businesses have much to contribute in terms of skill and expertise towards the government’s goal of infrastructure development. However often, the indigenous businessman did not form part of the larger conversation. The current structure of financing provided by financiers and investors do little to support these businesses. The CEO emphasised that given the rate at which Ghana is growing, now more than ever would be the ideal time for investors, financiers and other businessmen to place their support in the right places and secure themselves a seat at the table.
Dr McKorley went further to challenge African nations to steer away from its current system and explore more innovative ways to develop infrastructure. Taking into consideration the boom in Ghana’s infrastructure climate, he encouraged financiers to begin giving local businesses raw debt or equity to help finance some of the major developmental projects in Ghana.
He also called on the government to provide financiers and investors interested in working with businesses in Ghana the needed support and favourable business climate for them to exist.
According to the CEO of McDan Group, all a good entrepreneur needs is the opportunity to prove himself and make a difference. With the right resources, governmental support and proper planning, he is convinced indigenous businessmen can excel and make meaningful contributions to infrastructure development in Africa.
Dr McKorley applauded the Ghanaian government for the support and opportunities they currently provide to indigenous businesses and urged them to continue to do so. In the long run, he believed that this system would go a long way to help build infrastructure and limit the pressure on the country’s national economic budget.
The UK Africa Investment Summit was an event hosted by the Prime Minister on January 20, 2020. The summit brought together businesses, governments and international institutions to showcase and promote the breadth and quality of investment opportunities across Africa. The Summit strengthened the UK’s partnership with African nations to build a secure and prosperous future for all our citizens and mobilized new and substantial investments to create jobs and boost mutual prosperity.