Exchange rate volatility is one of the biggest concerns for African CEOs and their global peers, a survey has found.
PwC’s Africa Business Agenda survey, published on Thursday, showed that CEOs were also worried about governments’ response to fiscal deficits and debt burdens, as well as about social instability.
Although CEOs on the continent were critically aware of the global challenges facing economies and businesses, including lower commodity prices, an economic slowdown in China, lower demand for commodities and a fall in the value of emerging markets against the US dollar.
“CEOs believe global economic growth is unlikely to improve and will stay the same in the short and mid-term; however, they remain confident that there are opportunities for growth over the next 12 months, and nine out of ten believe they can deliver growth in the next three years,” said PwC Africa CEO Hein Boegman.
He added that, notwithstanding the multitude of challenges, PwC was confident that Africa’s prospects remained positive.
“Africa’s business leaders have the opportunity to pursue new business opportunities on the continent, more particularly in the light of rapid innovative and technological advances that have the potential to transform and shape industries,” he added.
The Africa Business Agenda survey showed that growth and foreign direct investment had continued in Africa amid recent global economic uncertainty, while emerging markets remained a vital growth opportunity for CEOs.
The Africa Business Agenda compiled results from 153 CEO’s and included insights from business and public sector leaders from across Africa.