McDan Group signs MoU with Kenya to facilitate trading under AfCFTA

The Executive Chairman of the McDan Group, Dr. Daniel McKorley, is optimistic that a Memorandum of Understanding (MoU) between McDan Group and the government of Kenya will yield significant results in the implementation of the AfCFTA.
Dr. McKorley believes that this move will result in a financial turnover of about $1 billion as his organisation positions itself as a key player in facilitating the seamless movement of goods across the continent under the free trade pact.

In an interview with CNBC Africa, the McDan Group Chairman explained that they are making strategic investments in port infrastructure and logistics, particularly in Kenya, as part of efforts to bridge trade gaps and overcome existing barriers between West and East Africa, specifically between Ghana and Kenya.

“The MoU is intended to facilitate business between the countries, and it is quite comprehensive. We are moving almost 100 containers with an annual turnover of about US$1 billion. However, it involves more support services for each country, which is why it is bilateral,” he said.He emphasised that infrastructure remains a key component of implementing trade activities under AfCFTA, adding that making these investments is crucial for the successful movement of goods and services across the continent.

As a free trade area connecting 1.3 billion people across 55 countries, with a combined Gross Domestic Product (GDP) of US$3.4 trillion, the AfCFTA, which is headquartered in Ghana, promises immense new markets, accelerated industrialisation, and fresh investment opportunities.

Source : Ghana Web

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McDan advocates reduction in cost of cargo to improve AfCFTA implementation

Daniel McKorley, Group Chairman of the McDan Group of Companies, has strongly advocated for finding innovative solutions to reduce the cost of cargo and improve intra-African trade on the continent at the ongoing AfCFTA meeting in Kigali.

He emphasised that improving intra-African trade relies on enhancing logistical support for moving goods within the continent with less stress and cost to customers.

The Group CEO of McDan Companies made these statements on Friday, October 11, 2024, during a plenary discussion on the topic “Leveraging Trading Companies and Strategic Partnerships for Intra-African Trade,” monitored by Nyansa TV at the ongoing AfCFTA meeting at the Kigali Convention Centre.

In addressing the challenges of intra-African trade, Mr. McKorley disclosed his company’s plans to launch Black Star Line and the Black Shipping Company by acquiring two cargo planes and a vessel to initiate the process.

He asserted, “Whoever controls the air and sea controls the business. It is crucial for us to take action and implement solutions.”

He added, “It is unacceptable that in the 21st century, cargo from Ghana to Senegal, for example, must go through Belgium before reaching Senegal. These challenges inflate cargo costs, impeding business growth in Africa.”

McKorley believed that for the Continental Free Trade to succeed, it is vital for African governments and businesses to address logistical challenges.

To address this, he stated, “We are establishing warehouses across the continent to ensure goods move efficiently, with proper customs procedures and freight rates. Let’s think globally and act locally.”

The plenary discussions were moderated by Mr. Godfred Mutziwa (Journalist, CNBC Africa), with Dr. Paul Adalikwu (Secretary General, MOWCA) opening the session. Speakers included Mr. Daniel McKorley (McDan Group), Mr. Felix Chege (CEO, Real Resources), Ms. Nevine Nakhla (El Gondy Trading Company), Ms. Babalwa Ngonyama (Global CEO, Sinayo Group), Dr. Fareed Kwesi Arthur (Coordinator, Ghana National AfCFTA Coordinating Office), and Mr. Rahul Mittal (Director Intra Africa Sales, Arise).

The second edition of the AfCFTA Business Forum, known as “Biashara Afrika 2024 (#BA 2024),” is taking place at the Kigali Convention Centre. It began on October 9 and is scheduled to conclude on October 11, 2024, under the patronage of the Rwandan President, H. E. Paul Kagame.

This year’s theme, ‘Dare to Invent the Future of the AfCFTA,’ #BA2024 aims to facilitate discussions between African public and private sectors, multinationals, and key stakeholders on the challenges and opportunities of building regional and continental value chains and establishing reliable supply chain networks to unlock the full potential of intra-African trade.

Source : Ghana Web

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Let’s think globally and act locally – Group Chairman of McDan Group posits at AfCFTA meeting

The Group Chairman of the McDan Group of Companies, Daniel McKorley, has strongly made a case at the ongoing AfCFTA meeting in Kigali, on finding ingenious solutions to reducing the cost of cargo and improving intra-African trade on the continent.

He emphasised that improving Intra-African trade hinges on the improvement of logistical support for goods to be moved within the continent with less stress and cost to the customer.

The Group CEO of MacDan Companies made these remarks on Friday while contributing to a plenary discussion on the topic “Leveraging Trading Companies and Strategic Partnerships for Intra-African Trade”, monitored by Nyansa TV at the ongoing AfCFTA meeting being held at the Kigali Convention Centre in Kigali.

In tackling the problems associated with Intra-African trade, Mr. McKorley revealed his company’s intention of starting Black Star Line and the Black Shipping Company by procuring two cargo planes and a vessel.

“Whoever controls the air and controls the sea controls the business. It’s imperative and incumbent on us to start something. That is the solution we’re bringing into the business.

“It’s unthinkable that in the 21st century when cargo is being moved from Ghana to Senegal for example, it has to go through Belgium before coming back to Senegal. These are real problems that increase the cost of cargo, hindering business growth and development in Africa,” he stressed.

Mr. McKorley thought that for the Continental Free Trade to work and be successful, African governments and businesses needed to find logistical solutions to its problems.

To solve this, according to him, “we’re also building warehouses across the continent to make sure goods move at the right cost, customs and also at the right freight rate. Let’s think globally and act locally.”

The second edition of the AfCFTA Business Forum, dubbed “Biashara Afrika 2024 (#BA 2024)” is being held at the Kigali Convention Centre. It was scheduled from 9th to 11th October, 2024, under the patronage of the Rwandan President, H. E. Paul Kagame.This year’s edition, themed “Dare to Invent the Future of the AfCFTA” provided an engaging and dynamic platform for continued dialogue between African public and private sectors, multinationals, and key stakeholders regarding the challenges and opportunities in the process of building regional and continental value chains and establishing reliable supply chain networks, which are essential to unlocking the full potential of intra-African trade.

Source: JoyOnline

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McDan Entrepreneurship Challenge Season 2: Empowering startups and driving innovation

The McDan Entrepreneurship Challenge (MEC) is back for its second season, bringing a high-stakes 13-week reality TV show that aims to propel emerging businesses to new heights.

With a grand prize of $100,000 up for grabs, the competition is set to transform the fortunes of one exceptional startup, offering a life-changing opportunity to scale and grow.

Launched by Dr Daniel McKorley, Chairman of McDan Group, the MEC is a testament to his commitment to fostering entrepreneurship and innovation in Ghana.

Dr. McKorley’s vision is clear: to support young entrepreneurs and drive economic development through strategic mentorship, financial backing, and a platform to showcase innovative business ideas.

This season promises even more excitement, as a panel of seasoned judges evaluates the creativity, sustainability, and impact of each competing startup.Throughout the show, participants will face a series of challenges designed to test their business acumen, adaptability, and leadership skills.

They will also benefit from expert mentorship aimed at helping them refine their ideas and navigate the entrepreneurial journey.

More than just a competition, the MEC serves as an inspiring platform for viewers, offering valuable lessons in entrepreneurship, resilience, and strategic thinking.

The show is designed to entertain while educating aspiring business owners, shedding light on the realities of building a successful enterprise in today’s fast-paced market.

As Season 2 progresses, audiences will follow the journeys of these startups as they tackle obstacles, seize opportunities, and innovate their way toward success.

With the McDan Group’s commitment to driving change and fostering sustainable growth, the MEC continues to play a pivotal role in creating a vibrant ecosystem where startups can thrive and reach their full potential.

Source: JoyOnline

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