FLASHBACK: Ghana's economy has been largely foreign-controlled – McDan laments

Chairman of the McDan Group of Companies, Dr. Daniel McKorley, has expressed concern about the disparity in Ghana’s economy and lack of control by indigenes.

According to him, the economy, has over the years, been largely controlled by foreigners while Ghanaians only play a contributory role.

Speaking at the 2023 Annual New Year School and Conference at the University of Ghana, Legon, Dr Daniel McKorley said, “Ghanaian businessmen, don't control any sector of this country, rather, we contribute, in fact, all sectors in Ghana are controlled by foreigners."

“Banking is controlled by Nigerians and South Africans, retail is controlled by Lebanese and Indians, manufacturing is controlled by Indians and Lebanese, telecoms sector is controlled by British and South Africans, oil and gas, mining, trading, you name it, they are controlled by foreigners,” Dr McKorley pointed out.

Touching on how foreign dominance in Ghana’s economy can be addressed, McDan urged for competent Ghanaian companies to be given first-right opportunities in growth industries.

He also called for the participation of Ghanaian businesses to participate in key sectors of the economy.

“We must know this, small businesses don't build nations, big businesses do. When the big businesses lead the way, they build small businesses around and push growth and become the true engine of growth,” he stressed.

The 2023 Annual New Year School and Conference is ‘Positioning the African market for sustainable economic development through African Continental Free Trade Area (AfCFTA)’

This story was first published on January 18, 2023 by GhanaWeb