African business leaders remain bullish about continent's long-term economic growth

African business leaders have faced substantial challenges in the wake of the COVID-19 pandemic, with 99% of companies reporting a negative impact on their revenues in 2020, according to the 2020 edition of the Africa CEO Survey. However, despite these headwinds, there remains a sense of optimism among African business leaders regarding the continent's long-term economic growth. The survey, which encompassed responses from over 150 business leaders before the pandemic and more than 200 CEOs from April to June, revealed a significant shift in sentiment. Prior to the pandemic, 80% of respondents held optimistic views on their respective countries' short-term economic prospects. Following the outbreak, this figure plummeted to a mere 25%. The impact of the pandemic was described as 'dramatic' by Frederic Maury, Director of Development at the Africa CEO Forum, who highlighted that 95% of CEOs surveyed suffered negative consequences. Despite these challenges, 60% of business leaders foresee a rapid recovery, anticipating an improvement by the end of 2021. While governmental measures aimed at mitigating the economic downturn have been implemented globally, African business leaders have primarily focused on internal strategies to safeguard their employees' health and enable telecommuting. Although some governments prioritized health-related actions, there is a growing consensus among CEOs on the importance of public-private collaboration to revive African economies. The issue of the business climate and fostering dialogue between the public and private sectors are identified as critical hurdles that must be overcome for successful economic rejuvenation. Gender diversity and women's economic empowerment are also at the forefront of discussions within the African business community. While a majority of business leaders acknowledge the significance of these topics, the actual representation of women in leadership positions remains inadequate. According to the Africa CEO Forum's research, 74% of surveyed companies have less than 25% female representation on their boards of directors, underscoring the need for greater gender diversity. Initiatives such as the 'Women Working for Change' campaign seek to raise awareness and drive tangible action towards achieving gender equality in corporate governance. The accelerated pace of digitization spurred by the pandemic has reshaped business models across various sectors in Africa. While many companies recognized the importance of digitization prior to the pandemic, the crisis has underscored the imperative nature of digital adoption. Industries like retail, commerce, and finance, which interface directly with consumers, have been particularly impacted by the shift towards digital solutions. However, there exists a notable divide between companies that were prepared for digital transformation and those that were caught off guard. The ability to pivot towards digital tools and strategies has emerged as a crucial determinant of resilience and growth for businesses in the current landscape.