This archive report was first published on 19 September 2019.
Published on September 19, 2019, a PwC report, Africa Business Agenda 2019, highlights a dip in CEOs' confidence in their organizations' revenue prospects over the short and medium term.
According to the report, the proportion of CEOs who are very confident of revenue growth over the next 12 months has declined from 38% in 2016 to 27% in 2019. Similarly, the proportion of CEOs who are very confident of revenue growth over the next three years has declined from 52% in 2016 to 39% in 2019.
Despite strong economic growth in East Africa, averaging 3% per year since 2013, CEOs in the region are still cautious about the future. They have identified technological advances as one of the most transformative global trends in the workplace over the last five years.
Notably, innovations such as M-Pesa in Kenya and drone delivery of medicines in Rwanda have revolutionized mobile money and healthcare services, respectively. Additionally, the ease of obtaining e-visas in Kenya, Rwanda, and Zambia has made it simpler for foreigners to travel to these countries.
However, African CEOs expressed concerns about policy uncertainty, skill shortages, cyber threats, inadequate basic infrastructure, over-regulation, and exchange rate volatility as major threats to business growth in the future.
In response to these challenges, CEOs are turning to internal drivers of revenue growth, such as operational efficiencies, organic growth, robotics, digitization, and automation, as well as the launch of new products and services.
