African governments must back African multinationals – Dr Ishmael Yamson

Dr Ishmael Yamson, Board Chairman of MTN Ghana, has called on African governments to provide more robust support for homegrown multinational companies. He asserts that empowering African businesses is vital for accelerating regional integration and boosting the continent's global competitiveness. Speaking on MTN's vodcast platform, The Y’ello Chair – Episode 8, Dr Yamson highlighted the challenges African businesses face, primarily the absence of uniform regulations across nations, which forces companies to manage different legal and regulatory systems.

Operating in 19 countries with 19 unique regulatory environments poses significant difficulties, he explained. To overcome these obstacles, Dr Yamson advocates for harmonising laws and regulations, especially among Africa's largest economies, to facilitate smoother business operations and participation in the African Continental Free Trade Area (AfCFTA) objectives.

He also noted a troubling pattern where African governments tend to engage more readily with foreign multinational corporations than with their own. Dr Yamson attributes this disparity to entrenched mindsets, urging a shift in this attitude. He emphasized that robust African businesses are crucial for enhancing the continent's influence in the global economy, currently contributing only a minimal fraction of global innovation while heavily importing foreign technologies and innovations.

Yamson stressed the importance of African governments and the private sector establishing regular dialogues to tackle shared challenges and devise policies that foster business growth and overall development. He stressed the necessity of stronger collaborations between governments and African multinationals, not only to promote business expansion but also to foster economic integration, job creation, and sustainable development across the continent.