Jacob Zuma, South Africa’s president, has warned western companies they must change their old “colonial” approach to Africa or risk losing out even more to the accelerating competition from China and other developing powers.

Western businesses and governments have a “psychological problem” and are still prone to lecturing Africa, Mr Zuma said in an interview with the Financial Times. He advised them to resist warning against the embrace of China and rethink their own investment strategies.

“I’ve said it to the private sector from the western countries: ‘Look. You have got to change the way you do business with Africa if you want to regain Africa. If you want to treat Africa as a former colony?.?.?.?then people will go to new partners who are going to treat them differently’,” he said.