Daniel McKorley, a prominent Ghanaian entrepreneur, stands as a staunch advocate for women’s empowerment in business. As the founder, chairman, and CEO of the McDan Group of Companies, McKorley’s insights and actions reflect a deep-rooted belief in the transformative power of women in driving economic and societal progress.
Speaking at the B&FT Women in Business Dialogue conference, McKorley articulated his admiration for the efficiency of women and their indispensable role in leadership positions within his companies. His top management staff across all sectors are predominantly women, a testament to his trust in their capabilities and dedication.
Central to McKorley’s philosophy is the notion that empowering women is not merely about achieving equity but also about unlocking the full potential of Ghana’s and Africa’s societies. He credits his upbringing, particularly the teachings of his mother, for instilling in him a strong sense of integrity and resilience. His mother’s wisdom, encapsulated in the adage of “three bouts” in life, continues to guide his approach to challenges and opportunities.
McKorley’s advocacy for women entrepreneurs is grounded in practical and strategic considerations. He highlights reasons why women should be encouraged and supported in their business endeavors:
Economic Growth: McKorley argues that excluding 50.7% of women from the business landscape hampers meaningful economic growth. He emphasizes the vital role of women in promoting entrepreneurship, fostering an inclusive economy, and generating employment opportunities.
Financial Prudence: Drawing from his experience, McKorley notes that lending to women often results in lower write-offs and default rates. He praises women for their honesty and reliability, citing instances where 98% of loans extended to women were repaid.
To facilitate women’s entry and success in entrepreneurship, McKorley proposes a five-point strategy:
Improve Literacy Skills: Investing in literacy programs enhances women’s ability to engage effectively in business and decision-making.
Encourage Risk-Taking: Women should be encouraged to embrace calculated risks, fostering innovation and entrepreneurial spirit.
Mentorship and Networking: Providing mentorship opportunities and building robust networks empower women with knowledge, skills, and connections vital for business growth.
Encourage and Invest in Women Startups: Supporting women-led startups through funding, training, and mentorship accelerates their entrepreneurial journey.
Government Support and Policy Advocacy: McKorley calls for government support and the introduction of policies that promote gender equality, create a conducive business environment, and remove barriers hindering women’s participation in entrepreneurship.
In essence, Daniel McKorley’s vision transcends mere rhetoric; it embodies a proactive commitment to creating an inclusive and thriving business ecosystem where women are not just participants but catalysts for sustainable development and prosperity.
