How companies can play an active role in rebuilding economies ravaged by COVID-19

The Africa Shared Value Leadership E-Summit, a platform for discussing the active role that companies can play in the economic recovery post-COVID-19, has come at a pressing time when economies worldwide are reeling from the effects of the pandemic. Professor Mark Kramer, a distinguished figure from Harvard Business School and Co-Founder of Shared Value Initiative, sheds light on the integral role that businesses must play in rebuilding economies. The COVID-19 crisis has spotlighted the interconnectedness of business, society, and government in addressing global challenges. The private sector's collaboration with governments in providing healthcare, vaccines, and protective equipment during the pandemic underscores the critical nature of this partnership. As the summit approaches, it aims to emphasize how businesses can contribute to society's well-being while enhancing their own profitability. Companies like Old Mutual, KCB, and Abbott Pharmaceuticals have exemplified this by stepping up with initiatives that aid communities amidst the crisis. The shared value perspective advocates for innovative solutions to societal issues, presenting a unique opportunity for entrepreneurs to drive positive change. The summit will delve into the significance of large companies supporting SMEs, particularly in the African context, as intertwined supply chains necessitate mutual support for survival and growth. Entrepreneurs and SMEs play a crucial role in the economic landscape and require assistance from larger corporations to weather the crisis and emerge stronger. Investors' focus on sustainability has often been superficial, prompting a call for a more profound integration of environmental, social, and governance principles into business strategies. Rethinking business models to create shared value is essential in aligning corporate interests with societal needs. In the current scenario, companies must proactively position themselves to rebuild economies, spearheading recovery efforts while fostering resilience within their ecosystems. Waiting for the pandemic to pass is not an option, as uncertainties loom over its duration, especially in regions like Africa. The time to innovate and recalibrate business practices to support employees, communities, and SMEs is now. Collaborative efforts between businesses, governments and civil society are imperative in driving sustainable recovery and fostering shared prosperity.