Do government regulations impede doing business in Africa?

With various government rules regarding foreign investment in place, are they negatively affecting potential international investment in Africa? 
For example, the Kenyan government's current regulation stating that the foreign investors for the Second National Operator (telecoms) have to have a 30% local share holding... Although they're looking to 'get rid' of this rule, it seems as though they're just extending the time period for the investors to find local ownership. Is this 'extension' likely to help at all? Or are we just finding new ways to put off the inevitable...?
Comment
TIM SINGISWA
Africa investment-
Your question is answered by Ayisi Mekatiani in a paper entitled "Navigating the risks and opportunities of investing in Africa". Mr Makatianiis the CEO of AMSCO{The African Management Services company}He possesses extensive management .enterpreunerial and board level experience,having co-founded Africa Online among others. Obviously the crux of his views its that corporate governance is anathema in Africa where entrepreners prefer to do things informally by using the cash on hand to rent,stock-up and trade with no businhess plans nothing something which is the first document investors would want to view. Now,this issue of lack of interest to invest in Africa should have been Nepad`s priority.
Posted on 7 May 2007 17:15
Let's do Biz