Why I Cannot Keep Quiet When Government Policies Are Hurting the Private Sector – McDan
Well-known entrepreneur Dr. Daniel McKorley, a.k.a. McDan, has reiterated his stance re the impediments government policies have placed on private businesses in the country. Date: 3rd November 2023Ghanaian business magnate and CEO of the McDan Group have noted that he is not happy seeing entrepreneurs as well as business people operating in difficult conditions.
Policy and the Growth of the Private Sector
The private sector is seen as the engine of economic growth, generating jobs and innovation. But McDan says that most government policies in Ghana aren't friendly to business owners. He has pointed out high taxation, bureaucratic bottlenecks, and limited incentives as key deterrents to entrepreneurship and industrialization.
As a result of this trend, McDan believes that many well-crafted incentives to stimulate the economy often act as a hindrance to local businesses; hence his disappointment on the subject after a recent business forum. “When you see young entrepreneurs fighting for their lives because of policies that are not conducive to the private sector, I can’t remain silent,” he said. “We need a business-friendly environment so that private enterprises can flourish.”
Hardline Policies are Hitting Business
Most business owners in Ghana feel McDan’s pain. High taxes, overregulation, and inconsistent economic policies prevent startups and Established companies from growing. Equally, borrowing costs are becoming a real problem: this means that only a minority of businesses can borrow at acceptable rates.
Inconsistent policies discourage foreign investments, because investors don’t want to put their money in unsecured opportunities. In the event that the government continues to fail to formulate policies that promote local businesses, Ghana stands the risk of losing the competitive edge with respect to the African market.
McDan’s Call for Change
A successful entrepreneur, McDan is convinced that true economic growth doesn't happen unless the government partners with business players in shaping policies that create incentives to invest. He has urged policymakers to check with business owners before enacting laws that impact the private sector.
Industrialisation was also on the agenda as he called to reform taxes to provide relief for businesses and galvanise industrialisation. “If we really want to build a solid economy, we have to support our local businesses. The government should come to the private sector and create these policies: Let us grow,” he said.
The Way Forward
Not levelling up how governments’ policies are structured for Ghana’s economy to prosper. Finally, policymakers should reach out to stakeholders in the private sector to understand their needs and challenges. One of the good things leaders can do to stimulate entrepreneurship is create incentives like tax breaks, affordable credit and reduced bureaucracy delays.
McDan’s brazen posture mirrors the frustrations of many business owners across the country. If he needs a reminder the private sector alone cannot drive economic development, the call to action is a good one and serves as a call to action that without the proper policies the private sector cannot do it effectively. In order to achieve sustainable growth and provide better opportunities for investment and jobs, the government should create such environment now.
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