Key points
- MTN Group Chairman Mcebisi Jonas says strong, independent public institutions are essential for sustainable economic growth.
- He warns that political interference in governance weakens investor confidence and erodes public trust.
- UNCTAD says Africa attracted $97 billion in foreign direct investment in 2024, driven by policy reforms.
Main story
Chairman of MTN Group, Mcebisi Jonas, has called on African governments to strengthen independent public institutions, saying credible governance and the rule of law are critical to attracting long-term investment and sustaining economic growth.
Jonas made the call on Monday during MTN Group’s The Y’ello Chair vodcast, where he discussed governance challenges and their impact on Africa’s economic transformation.
He said weak governance frameworks continue to undermine investor confidence and limit economic inclusion, stressing that institutions must be protected from political interference to support democracy and sustainable development.
According to Jonas, countries damage their long-term development prospects when governance is driven by political expediency rather than strong institutions.
Drawing on South Africa’s experience, he said judicial independence had helped prevent systemic institutional collapse, underscoring the importance of respecting court decisions and upholding the rule of law.
He identified independent courts and credible electoral bodies as key pillars of democratic governance, arguing that investors require predictable legal systems that guarantee transparency, accountability and policy certainty.
Jonas also cautioned governments against adopting short-term fiscal measures that weaken institutional credibility, saying durable economic growth depends on consistent governance and resilient public institutions.
His remarks come as the United Nations Conference on Trade and Development (UNCTAD) reported that Africa attracted $97 billion in foreign direct investment (FDI) in 2024, increasing the continent’s share of global FDI inflows from four per cent to six per cent.
According to the report, the growth was largely driven by pro-investment policy reforms, although it warned that political instability and weak institutions continue to threaten sustained investment across the continent.
The issues
African countries are competing for foreign investment to drive economic growth, but investors increasingly consider governance, policy consistency and institutional strength when making long-term investment decisions. Weak institutions can undermine reforms and reduce investor confidence.
What’s being said
“Countries weaken their development prospects when they undermine independent institutions.” — Mcebisi Jonas, Chairman, MTN Group.
“Investor confidence depends on predictable legal systems that guarantee transparency, accountability and policy certainty.” — Mcebisi Jonas.
What’s next
Governments across Africa are expected to continue implementing governance and institutional reforms as they seek to attract greater private investment and sustain economic growth.
Bottom line
MTN Group’s chairman argues that strengthening independent institutions and the rule of law is essential for Africa to sustain investor confidence, deepen economic growth and maximise the gains from ongoing investment reforms.
