VIDEO: Foreigners control Ghana's economy, Ghanaians contribute - McDan laments

The CEO of the McDan Group of companies, Daniel McKorley has lamented the current state of the Ghanaian economy which he says is controlled by foreign nationals.

According to him, currently, Ghanaian businessmen only contribute to the country's economic fortunes while foreign nationals control it.

"Ghanaian businessmen, don't control any sector of this country, rather, we contribute," Mr McKorley said.

"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".

He said the narrative could be changed if competent Ghanaian companies were given first-right opportunities in growth industries.

He argued that the country could only be developed rapidly if Ghanaian businesses participated in major 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".

Mr McKorley made this known when he addressed the 2023 Annual New Year School and Conference (ANYSC) today at the University of Ghana, Legon.

This year’s event, the 74th, is themed: “Positioning the African market for sustainable economic development through African Continental Free Trade Area (AfCFTA)”.

Watch a video of his address below;