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PricewaterhouseCoopers (PwC) Africa Business Agenda for 2016 released on Tuesday in Kigali, Rwanda, showed that, in spite of Africa’s economic challenges, business prospects remained positive.
This is contained in a statement issued by PwC. The statement said Africa’s Chief Executive Officers (CEOs) are leveraging on technology and innovations in order to stimulate growth in a challenging global business environment.
It stated that: “the African Business Agenda compiles results from 260 CEOs and includes insights from business and public sector leaders from 18 African countries. “CEOs in Africa are scaling-up their efforts to innovate and find new ways to do business on the continent in a move to stimulate growth in a challenging and uncertain global business environment,” the statement said.
The statement quoted PwC’s CEO Africa’s Hein Boegman as saying that “the global financial and economic crisis has revealed Africa’s vulnerability to a number of external economic shocks. Notwithstanding a multitude of challenges, many of which are cyclical, we remain confident that Africa’s prospects remain positive.”
It said just over a quarter of CEOs in Africa believed that global growth would improve in the next 12 months.
It said African CEOs were less optimistic about global prospects a year ago, with 66 per cent of CEOs (Global: 73 per cent) thinking the economy would not improve in the next 12 months, while 92 per cent (Global: 73 per cent) were extremely concerned about exchange rate volatility.
“Africa is a complex and diverse continent requiring layers of insight. Growth in Africa is taking place in individual markets and geographic regions, within industry sectors and influenced by demographic changes.
“Notwithstanding the difficulties and challenges that lie ahead, many organisations in Africa have learnt to adapt and be agile to respond and overcome many of these challenges in order to achieve their organisational goals,’’ the statement added.