By Stanley Senya
Accra, Aug. 9, GNA – Dr Ishmael Yamson, Board Chairman of MTN Ghana, has called on African governments to provide stronger support for home-grown multinational companies to accelerate regional economic integration and enhance the continent’s global competitiveness.
He said empowering African-owned businesses to expand across borders was critical to building stronger economies, creating jobs and enabling the continent to compete more effectively in the global marketplace.
Dr Yamson made the call when he spoke on The Y’ello Chair, Episode 8, MTN’s vodcast platform, which brings together African leaders and changemakers to discuss issues shaping the continent’s future.
He said one of the major challenges confronting African businesses operating across borders was the lack of harmonised laws and regulations among countries.
“Today, literally every country you go to, the regulatory environment is different. We are operating in 19 countries, and we are dealing with 19 different regulatory environments. That is tough,” he said.
Dr Yamson called for greater harmonisation of regulations, particularly among Africa’s major economies, to facilitate the movement of businesses and investments across national borders.
He said such harmonisation would support the objectives of the African Continental Free Trade Area (AfCFTA) by reducing regulatory barriers and making it easier for African businesses to operate across the continent.
“It’s important that we set the idea of harmonising our laws and regulations across the continent, especially between the big economies, to make sure that businesses can flow from one country to another without great difficulty,” he said.
Dr Yamson also expressed concern that African governments often appeared more willing to engage with foreign multinational companies than businesses originating from the continent.
He said that attitude needed to change if African countries were to build strong indigenous companies capable of competing globally.
“Companies like MTN and other African multinationals need the support of African governments. Unfortunately, African governments find it easier to deal with non-African multinationals than dealing with African multinationals,” he said.
According to him, perceptions and attitudes had contributed to the challenge, stressing the need for a change in mindset among policymakers and institutions.
“It’s very simple. Why should I be dictated to by my other Black brother? And that’s a mindset that should change,” he said.
Dr Yamson said Africa needed to build larger and stronger companies capable of operating across several markets if the continent was to increase its influence in the global economy.
He noted that Africa continued to contribute only a small share of global innovation while relying heavily on technologies and innovations developed elsewhere.
“We need to understand that together we’ll be bigger. If we continue to operate as small countries and build only small companies, we’re not going to make any meaningful impact anywhere,” he said.
Dr Yamson further advocated regular platforms for dialogue between African governments and the private sector to address regulatory and business challenges affecting companies operating across borders.
He said sustained engagement would enable governments and businesses to identify common challenges and develop policies that promoted enterprise growth and continental development.
“I think that has been the missing link. We need to bring the African private sector and African governments together and have a forum where we can have the difficult conversations, but at the end of the day, we see what will be beneficial to both parties,” he said.
Dr Yamson maintained that stronger partnerships between governments and African multinationals would help drive economic integration, create jobs and promote sustainable development.
He said supporting indigenous businesses to grow beyond their domestic markets would ultimately strengthen Africa’s economic position and enable the continent to derive greater value from its own entrepreneurial capacity.
GNA
Edited by George-Ramsey Benamba