Chief Executive Officer of McDan Shipping Company Daniel McKorley has called for government to do more for the local private sector.

That according to him will help reverse the losses being made by Ghanaian business owners due to the proliferation of foreign companies.

In the past, the government passed laws to encourage foreign investment and replaced regulations perceived as unfriendly to investors.

However, concerns raised by local business owners have brought to light the reality of foreign business investors stifling the local businesses.

Speaking on the business leadership show the Executive Lounge, Dr Mckorley, said there must be a concerted effort to create an environment where local businesses are given priority over foreign investors in the business sector.

“If you allow a man like myself to thrive, where will I take the money? It stays here, but if you build foreign companies up, they take their profit away,” he said. 

He cited Russia as an example of a successfully built local private economy.

“There is an abundance of great entrepreneurs in Ghana, and this is why government must step in to develop the sector with policies that make local businesses a priority,” he said.  

The full episode of Executive Lounge with Daniel McKorley airs on Saturday at 6 pm with a repeat on Sunday at 8 pm on MultiTV on the JOYNEWS channel on MultiTV and on DSTV channel 421.