Welcome to Africanews

Please select your experience

Watch Live

Business

business

Africa’s growth prospects positive despite global downturn - PwC Africa

Africa’s growth prospects positive despite global downturn - PwC Africa

Economy

Africa remains one of the preferred frontiers for investment opportunities and doing business, according to a report released Thursday by Price Waterhouse Coopers (PwC) Africa.

Growth and foreign direct investment has continued in Africa amid the recent global economic uncertainty.

This is confirmed by PwC’s Africa Business Agenda survey, which shows that Africa and the emerging markets remain a vital growth opportunity for CEOs. The Africa Business Agenda compiles results from 153 CEOs and includes insights from business and public sector leaders from across Africa.

Notwithstanding a multitude of challenges, many of which are cyclical, we remain confident that Africa’s prospects remain positive.

“CEOs in Africa are ramping 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,” says Hein Boegman, CEO for PwC Africa.

“The global financial and economic crisis has revealed Africa’s vulnerability to a number of external economic shocks. These include the decline in commodity prices fueled by the economic slowdown in China; a marked decline in the demand for commodities; and the collapse in value of the emerging market currencies against the US dollar in anticipation of an interest rate hike,” the PwC Africa head noted.

“Notwithstanding a multitude of challenges, many of which are cyclical, we remain confident that Africa’s prospects remain 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,” Boegman added.

The report notes that Africa’s CEOs are critically aware of these issues and the impact they may have on their businesses. CEOs believe global economic growth is unlikely to improve and will stay the same in the short and mid-term; nonetheless they remain confident that there are opportunities for growth over the next 12 months and 9 out of 10 believe they can deliver growth in the next three years.