COVID 19: Brace yourselves – the worst is yet to come, says Daniel McKorley
McKorley says that, amidst the waves of COVID-19, young entrepreneurs must move towards areas of business that have never been explored in Ghana
The chief executive officer of the McDan Group of companies, Daniel McKorley, says Ghanaian business owners must brace themselves for the worst as the COVID-19 pandemic lingers on.
Speaking on the Asaase Breakfast Show, the business magnate said the disease has affected many businesses badly, including his own, causing him to lose close to US$4 million.
“Corporate Ghana must be ready for more shocks, simply because we have not seen anything yet,” McKorley said. “Simply because African governments are the biggest spenders. And with the impact of pandemics like this, it takes time for it to hit us.
“We have to be serious and get ready for what is ahead. As a businessman, you don’t have to be so comfortable with your sources.”
The World Bank also estimates that the immediate economic consequences of the disease for African economies will be severe. The Bank predicts that the outbreak will result in the first regional recession in nearly 25 years and push an estimated 23 million more people into extreme poverty.
Daniel McKorley said that innovative business ideas will go a long way to help countries and businesses to escape and survive the shocks the poverty resulting from the pandemic.
Blessing in disguise
He praised Ghanaian entrepreneurs who are taking advantage of what he called “the bright side” of the pandemic by creating new business ideas.
“The multimillion-dollar businesses in the world are businesses that find solutions to problems. And here lies the problem: I think young entrepreneurs are now moving towards areas that have never been explored in the country,
“We have been so relaxed and so lazy, in looking out for business. This pandemic is also a blessing in disguise for certain sectors,” McKorley said.
A report from Startup Genome in 2018 highlighted the growth in business ecosystems around the world, with many increasingly focusing on a specific domain.
The report showed how this growth is continuing apace. Experts predicted last year that roughly a hundred cities would have ecosystems worth at least $4 billion by 2029, but they now believe this milestone will be hit even earlier.
Karen Dodoo
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