When it comes to wealth-building, many financial gurus and motivational speakers often hammer on the importance of saving. But for Ghanaian business mogul, Dr. Daniel McKorley, the billionaire founder and CEO of McDan Group, this common advice misses a crucial reality.
For Dr. McKorley, no one can save his/her way out of poverty.
The business mogul argues that telling people who are in survival mode to “just save more” is not only unrealistic but also unfair.
The logic is simple but profound. For many workers, especially in urban centers like Accra, monthly earnings are swallowed almost entirely by rent, food, utilities, transportation, and basic living costs.
He cites that for someone earning GH₵1,000, there’s no room left for savings, let alone investment. “At that point, you’re not thinking about compounding interest or retirement plans,” Dr. McKorley explains, adding that such persons are always asking themselves, How do I survive this month?
Poverty is an Earning Problem, Not a Spending Problem
In a post cited by The High Street Journal, the entrepreneur shared an interesting perspective that flips the usual conversation around personal finance. Too often, financial struggles are framed as a spending problem. People are advised to cut down on “luxuries” like eating out, data bundles, or entertainment.
But as McDan stresses, the real issue is not always poor financial discipline, it’s low income.
For him, the sequence is straightforward: Earn more, save what you can, and invest once the basics are secure.
Without the first step, which is earning more, the rest of the sequence collapses. Poverty, McKorley insists, is fundamentally an economic problem, not a moral one.
The First Investment: Yourself
The very question many people ask is, So how do people stuck in low-income cycles break free? For McKorley, the starting point is self-investment.
“Your first and most powerful investment is in yourself. Upgrade your skills. Use every free resource you can find. Push through the exhaustion of side jobs if you must. Because when your skills rise, your earning potential rises,” he remarked.
This means upgrading skills, seeking out free learning resources, and in some cases, enduring the exhaustion of side jobs to build a stronger foundation.
This advice is particularly relevant in today’s Ghanaian economy, where inflation has eaten away at wages, and the cost of living continues to rise. For a young graduate, a ride-hailing driver, or a small trader, saving may not be practical, but learning a digital skill, pursuing vocational training, or exploring new income streams could unlock better earning opportunities.
Beyond Books and Buzzwords
McDan also cautions against over-reliance on “wealth creation” books and YouTube videos. He insists that, while they can inspire, they cannot override harsh economic realities.
Without an income margin, advice about stocks, bonds, and compounding interest remains theoretical.
“You cannot invest your way out of poverty if you have no margin,” he stressed.
Changing the Conversation on Wealth
The broader implication of Dr. Daniel McKorley’s perspective is that there is a need to shift the wealth conversation. Poverty is not simply a result of laziness or poor discipline, as it is sometimes portrayed. It is structural, tied to wages, economic opportunities, and access to skills.
For the young Ghanaian hustling daily to make ends meet, McKorley’s words resonate deeply. It is a reminder that while discipline matters, the real escape from poverty starts with improving earning power.
And in a country where many live hand-to-mouth, the call to “earn more before you can save” is not just advice, it is a wake-up call. He therefore sums up his perspective that “The journey is hard, but the results are worth it.”
