While the fries bake, heat the olive oil over medium-high heat in a large skillet. Add ground beef and chili powder. Cook the ground beef, breaking it up as it cooks, until no pink remains. Drain if necessary. Add garlic and cook until fragrant, about 30 seconds. Add ketchup, brown sugar, worcestershire sauce, and water. Reduce heat to medium and simmer until slightly thickened, about 8 minutes.