In a large skillet, heat the olive oil over medium heat. Add the chopped onion and minced garlic, sautéing until the onion is translucent, about 3-4 minutes.
Add the ground beef to the skillet, breaking it apart with a spatula. Cook until browned, about 5-7 minutes. Drain excess fat if necessary.
Stir in the diced potatoes, beef broth, paprika, oregano, salt, and black pepper. Bring to a simmer.
Cover the skillet and reduce the heat to low. Cook for about 20-25 minutes, or until the potatoes are tender, stirring occasionally.
If using, sprinkle the shredded cheddar cheese on top during the last 5 minutes of cooking. Cover again until the cheese is melted.
Remove from heat, garnish with fresh parsley, and serve warm.