PwC’s Latest Annual Global CEO Survey: African CEOs Adapt to Global Megatrends

PwC’s latest annual global CEO survey reveals that 81% of African CEOs implemented significant changes to their business models in 2023, surpassing the global average of 76%. This trend underscores a proactive approach to navigating an increasingly complex global business environment.

PwC observed that the challenges and opportunities faced by its clients across sub-Saharan Africa closely mirror those experienced by businesses worldwide. The firm noted that business leaders are responding to global megatrends such as climate change, technological disruption, geopolitical fragmentation, demographic shifts, and social instability by reinventing their business models to remain resilient.

Dion Shango, CEO of PwC Africa, highlighted the growing influence of large businesses in shaping economies and societies. Shango explained that PwC has prioritized initiatives aimed at delivering social and economic impact over the past financial year. These efforts have been centered around four key areas: fostering trust in critical matters, driving business model innovation, leveraging AI and data technologies, and promoting sustainability.

Shango emphasized that this strategic focus equips PwC to navigate the ever-evolving business environment while meeting the needs of clients and stakeholders effectively.

The survey also revealed that 61% of African CEOs believe AI will redefine how their companies create value within the next three years, compared to 70% globally. Additionally, 74% of respondents indicated plans to advance climate-friendly products, services, or technologies, slightly outpacing the global average of 71%.

PwC noted that emerging technologies such as AI, robotics, and biotechnology offer immense opportunities for innovation, enabling businesses to boost productivity, enhance efficiency, and tackle critical challenges like climate change. However, the firm cautioned against potential risks, including cybersecurity threats, misinformation, and privacy concerns, which require careful management.

Climate change remains a pressing issue for businesses globally. PwC Africa’s sustainability leader, Lullu Krugel, highlighted the urgent need to address rising temperatures, extreme weather events, dwindling water resources, biodiversity loss, and increasing greenhouse gas emissions. She emphasized that companies must invest heavily in technology and infrastructure, engage in strategic planning, and develop innovative solutions. Krugel further noted that both the public and private sectors play critical roles in these efforts.

Shirley Machaba, CEO of PwC South Africa, remarked that global megatrends are reshaping the South African business landscape. She stated that businesses need to reassess their priorities to remain relevant and competitive amidst these changes.

As part of its strategy, PwC plans to continue leveraging AI, data analytics, and other emerging technologies to help clients discover new revenue opportunities and optimize operations. Looking forward, the consultancy remains committed to sustainability and building trust, which it sees as essential for driving meaningful change and securing a brighter future for all.

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