Over 90 percent of African CEOs are ‘somewhat confident’ or ‘very confident’ about their organisations’ prospects for revenue growth over the next three years – higher than the global average of 85 percent.
According to a report by PricewaterhouseCoopers’ (PwC) seventh edition of its Africa Business Agenda 2019, African CEOs identified operational efficiencies, organic growth and the launch of new products and services as their primary drivers of revenue growth.
However, the report noted that faced with some uncertainty around current markets, CEOs are turning inward to drive revenue growth.
The Agenda compiles results from a survey of 83 CEOs across 19 African countries.
The results are benchmarked against the findings of PwC’s twenty-second Annual Global CEO survey of more than 1 300 CEOs, conducted during the fourth quarter of 2018.
The Agenda provides an in-depth analysis and insights into how businesses are adapting to meet the challenges and opportunities of operating in Africa.
“In Africa, economic and policy uncertainty, skills gaps and regulatory issues are among the most pressing issues that CEOs are having to grapple with. African business leaders do see opportunities on the continent – but overall, they are playing it safe,” noted Peter Ngahu, Regional Senior Partner for PwC in the East Africa
“In our survey, we found that CEOs recognise technological advances among the most transformative global trends,” he added in a statement issued in Nairobi on Thursday, 19 September 2019.
“One of the most relevant questions today is, ‘How can we ensure that economic growth is more inclusive and equitable?’ Ultimately it is governments and companies and the people leading them who will determine the success of any effort to ensure inclusive growth,” he added.
According to the report, the forces of globalisation and technology are transforming the workplace.
Eighty-three percent of African CEOs ranked technological advances among the top three trends to have transformed the workplace most in the past five years, noted the report.