Home » Overregulation Is Stifling Innovation, Mahama Warns at TICAD IX

Overregulation Is Stifling Innovation, Mahama Warns at TICAD IX

by Ikeoluwa Juliana Ogungbangbe
overregulation is stifling innovation in Ghana

KEY POINTS


  • Mahama warns overregulation is stifling innovation in Africa.
  • Youth and startups struggle under restrictive business rules.
  • Easing regulations boosts private sector growth and investment.

At the 9th Tokyo International Conference on African Development (TICAD IX) on Thursday, President John Mahama cautioned that Africa’s private sector cannot reach its potential under burdensome rules.

He said excessive regulation has long choked business growth, weakened youth creativity, and limited the continent’s economic possibilities.

“Governments must treat the private sector as partners, not irritants,” Mahama said during a public-private dialogue. “We must create the framework for an enabling environment where businesses can thrive.”

Governments must fuel private sector growth

Mahama drew on his experience as Ghana’s former Minister of Communications, noting how restrictive licensing once hindered the country’s emerging ICT sector.

By easing requirements for internet cafes, he said, the industry quickly expanded without causing social disruption.

“Policies that overregulate industries prevent young innovators from contributing meaningfully to growth,” he said. “The private sector will go where it can earn a fair return. It is the government’s job to create that space.”

Youth and fintech face regulatory barriers

According to MyJoyOnline, the former president highlighted concerns from Ghana’s fintech players, who cited overregulation as a major obstacle to investment. Mahama said easing rules will allow African youth to unleash their creativity and help drive sustainable development.

“When we overregulate, we limit the very engine of growth we claim to support,” he said. “Young people need room to innovate, or economic growth will stall.”

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