More than 150 CEOs in Africa who participated in PwC’s 29th Global CEO Survey demonstrate strong operational resilience and reinvention as they navigate currency fluctuations, political uncertainty, infrastructure constraints and supply chain disruptions.
The survey shows that 81% of CEOs in Africa are optimistic about improving economic conditions, compared with a global average of 65%. Nearly half of these optimistic leaders (47%) are confident about revenue growth over the next year.
However, they often focus on strengthening existing positions while opportunities to reshape their businesses future are recognised but can be outweighed by short-term priorities.
“The uncertainty we all live with today needs to be accepted as the new norm,” says says Dion Shango, CEO of PwC Africa. “Every business must find a way to navigate this uncertainty, along with the risks and opportunities it brings.
“This reality fundamentally challenges how we think about strategy. Strategies cannot be static — they need to be responsive to unforeseen changes, enabled to adapt quickly, and designed with the agility and flexibility to ensure business models aren’t compromised when major disruptions occur.
“This is exactly why CEOs are so focused on reinventing their businesses, and why many are saying that if they continue their current path, their businesses won’t be viable in ten years,” he adds.
Optimism should be parallel to innovation and transformation
Shango says it is reassuring to see that, despite ongoing uncertainty, business leaders are still strongly focused on the main objective of prioritising stability within their businesses.
However, stability should be accompanied by innovation and transformation, an approach crucial to the sustainability of businesses.
The survey reveals that 55% of CEOs in Africa say innovation is critical to their overall business strategy, but underlying capabilities suggest otherwise, with 13% showing the willingness to tolerate high risk in innovation projects.
A breakdown of these findings indicates that 16% have a dedicated innovation centre or incubator, 25% have processes to stop underperforming research and development projects, and 29% test new ideas rapidly with customers or end-users.
“The leaders who build enduring businesses are those who find a way to both protect their core business while creating its future. That balance is not optional — it is the defining leadership challenge of this era,” says Lullu Krugel, chief economist and Africa sustainability leader at PwC South Africa.
An investment dilemma
There is a steady increase in making investment choices by CEOs in Africa, with only 8% indicating the likelihood to make large investments despite geopolitical uncertainty, a significant shift toward defensive positioning, when bold investment is most needed.
Another factor is confidence in acquisitions, with 40% of leaders actively planning to pursue growth through acquisition within the next three years compared to 46% globally. This approach is driven by predictable patterns which indicate potential increases in market share (55%), the achievement of scale efficiencies (50%), portfolio diversification (51%).
Untapping potential through diversification and new markets
Tapping into new markets offers businesses a reactive, proactive decision making and competitive advantage. The survey reveals that leaders are also actively pursuing growth beyond traditional boundaries, with 47% having already begun competing in new sectors in the past five years, making 24% of their revenue now derived from these newer ventures.
Target growth sectors reflect strong demographic and digital trends, with technology leading at 17% of planned expansion efforts, followed by real estate (13%), retail (13%), and transport and logistics (12%).
“The central tension becomes clear: Africa’s CEOs have developed remarkable resilience and operational excellence, yet their current cautious investment approach and risk-averse innovation stance can limit their ability to capitalise on transformative opportunities,” says Olufemi Osinubi, consulting and risk services leader at PwC Nigeria.
“The evidence is consistent: companies that continuously reinvent outperform those that don’t. Operational strength alone is not enough — it must translate into bolder transformation.”
AI adoption reveals the reinvention challenge
The adoption of artificial intelligence (AI) remains a challenge in Africa. CEOs in Africa trail their global counterparts in AI deployment, indicating a slower pace of digital transformation that risks deepening competitive disadvantages.
Skills availability is a persistent barrier, with only 37% of CEOs mentioning that they can find and retain the talent needed to drive AI initiatives.
Another challenge that businesses face is adequate planning of AI initiatives, with only 41% having developed clearly defined roadmaps for AI initiatives, whilst 37% have formalised responsible AI and risk processes.
“The challenge is fundamentally a governance deficit rather than a lack of ambition,” says Vikas Sharma, Africa cyber leader at PwC Mauritius. “When cloud environments remain fragmented, data governance unclear and cybersecurity frameworks still developing, building a coherent AI roadmap becomes exponentially harder.
“AI depends on trusted data, secure infrastructure and clear accountability. Without these foundations, strategic planning defaults to tactical experimentation rather than enterprise-wide transformation.”
While challenges remain a factor to development, investment in AI is growing, with 23% of Africa’s CEOs who have invested in AI reporting increases of revenue and 25% achieving cost reductions over the past year.
While the adoption of AI by CEOs in Africa sits at 75% from last year, this year, only 26% believe their investment levels are sufficient to deliver organisational AI goals. The gap is not in awareness or early adoption, but rather the commitment required to move from experimentation to enterprise-wide transformation.
“We’re seeing CEOs approach AI with the same cautious investment mindset that has helped them navigate uncertainty for years,” notes Christiaan Nel, AI Africa leader at PwC South Africa. “But with AI, that caution needs to be balanced with urgency.
“The organisations making modest AI investments today may find themselves significantly behind competitors who are scaling rapidly. The question isn’t whether to invest in AI, but whether you’re investing enough in AI and the infrastructure to remain competitive.”
The path forward
It is important to amplify strategic leadership priorities for Africa’s leaders driving reinvention. This involves embracing risk as a catalyst for transformation, strengthening confidence through forecasting and investment, building adaptability intelligence, and investing in change leadership capabilities like communication, sequencing, and the organisational stamina to sustain momentum through setbacks.
“Africa’s CEOs are not short on ambition or ability — and they face an extraordinary opportunity,” concludes Hannelie Gilmour, consulting and transformation platform leader at PwC South Africa. “With vast talent pools and a dynamic young population, the continent is uniquely positioned to leapfrog global counterparts by embracing the necessary tools for transformation.
“The leaders who will shape the next chapter of business in Africa are those who recognise that tomorrow’s stability comes from today’s innovation. What’s needed now is decisive and inspirational leadership that matches intent with action to enable our continent’s success.”