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Business News of Friday, 24 July 2020


McDan breaks ground for construction of ultra-modern shea nut factory

McDan Foundation executives led the ceremony McDan Foundation executives led the ceremony

Ghanaian business mogul, Daniel McKorley, has cut the sod for the construction of a state-of-the-art shea nut warehouse and factory at Nasia in the Northern Region.

The sod-cutting ceremony held on Wednesday, July 22, 2020, kicks start the GHS550, 000 Alko Shea Butter business aimed at ramping up the production of shea to meet local and global demands.

Alko Shea Butter is originally the business initiative of Alhassan Hamza Akoligo the winner of the first season of the McDan Entrepreneurship Challenge (MEC).

Mr Akoligo won $100,000 as his prize money to start his business idea, beating nine other contenders.

The groundbreaking ceremony held on Wednesday is, therefore, in fulfilment of the MEC winner’s entrepreneurship dreams.

Mr McKorley and the McDan Foundation have also donated a truck to the Alko Shea Butter project.

“Investing in youth entrepreneurship is my passion,” Mr McKorley stated.

Mr McKorley, who is also the founder and CEO of McDan Group of Companies and the McDan Foundation have also signed an off-taker agreement with Alko Shea Butter to buy 70 per cent of the processed shea nut.

McDan Entrepreneurship Challenge

The McDan Entrepreneurship Challenge gives $100,000 as prize money to support young, enterprising people with bankable ideas to create jobs, deepen entrepreneurship culture and produce more successful entrepreneurs in Ghana.

The maiden edition of the reality TV show was aired on selected TV stations across the country over a 13-week-period.

Partner institutions include the Ghana Institute of Management and Public Administration (GIMPA), National Entrepreneurship and Innovation Plan (NEIP), Ministry of Business Development and Active Media.