African governments must back African multinationals – Dr Ishmael Yamson

Dr Ishmael Yamson, the Board Chairman of MTN Ghana, has called on African governments to offer more support to locally-owned multinational companies. In a recent interview on The Y’ello Chair podcast, Yamson argued that empowering African businesses is crucial for accelerating regional integration and enhancing the continent’s global competitiveness.

He highlighted the lack of harmonised regulations across African countries as one of the biggest hurdles for African businesses, which must navigate different legal and regulatory systems when operating in multiple markets. MTN operates in 19 countries, each with its own distinct regulatory environment, making this a significant challenge.

Yamson advocated for the harmonisation of laws and regulations, particularly among Africa’s largest economies, to facilitate smoother cross-border business operations and contribute to the goals of the African Continental Free Trade Area (AfCFTA). He also noted that African governments often show greater willingness to work with foreign multinationals compared to African-owned businesses.

Yamson suggested that this disparity in treatment is rooted in existing perceptions and attitudes, which need to change. He emphasized that stronger African companies are vital for boosting Africa’s influence in the global economy, as currently, Africa contributes a minimal share of global innovation while heavily importing technologies and innovations from other regions.

Yamson urged African governments and the private sector to create regular platforms for dialogue to tackle common challenges and develop policies that foster business growth and overall continental development. He stressed the importance of stronger partnerships between governments and African multinationals, arguing that such collaborations would not only aid business expansion but also promote economic integration, job creation, and sustainable development across the continent.