Why McDans start-up loan to his son comes with a strict agreement MyJoyOnline.com [Video]

Ghanaian business magnate, Daniel McKorley, has attached a strict agreement to a loan he advanced to one of his children to start a business in cashew farming.

Mr McKorley, founder and CEO of the fast-expanding McDan Shipping Company, said on Joy FM’s Super Morning Show on Tuesday that he did not give the money to his son, Nii Atukwey McKorley, for free because it was important to instil financial discipline in him at the budding stage of his entrepreneurial journey.

“We live in a country where everybody wants something for free.  Immediately you begin to give things out for free, people don’t work hard. He [his son] has to work hard,” he said.

The loan agreement between Mr McKorley and his son is simple: Unless the loan amount is paid in full after the second harvest of the cashew farm, the farm will be seized by Mr McKorley.

Although the deal sounds harsh, …