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Majority of Africa's C-suite executives optimistic about growth outlook, survey finds
Almost 80 per cent of Africa's C-suite executives are optimistic about business growth this year. This is according to Mazars Global C-suite Barometer. This view is supported by the short term strategies that the surveyed businesses have implemented. Anoop Ninan, Co-CEO at Mazars joins CNBC Africa for more.
Wed, 04 Aug 2021 10:49:22 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Africa's C-suite executives exhibit high levels of optimism regarding business growth prospects for the year, buoyed by innovative strategies to weather the impact of the pandemic.
- C-suite leaders are actively pursuing new product development and local manufacturing investments, fueled by disruptions in global supply chains and a shift towards technology and efficiency enhancements.
- While a majority of executives are optimistic, a subset remains cautious due to challenges in industries like tourism and hospitality, emphasizing the importance of resilience and adaptive strategies in navigating uncertain times.
A recent survey conducted by Mazars Global C-suite Barometer revealed that almost 80 per cent of Africa's C-suite executives are optimistic about business growth prospects for the year. This optimism is fueled by a number of factors, according to Anoop Ninan, Co-CEO at Mazars Global, who shared insights during a CNBC Africa interview. Ninan highlighted that Africa was grappling with a recession at the onset of the pandemic, prompting C-suite executives to strategize on ways to shore up working capital and implement survival initiatives. The lack of traditional government subsidies in an African context necessitated innovative approaches to sustaining businesses, preserving employment, and keeping operations afloat.
Moving forward, C-suite leaders are focusing on revitalizing the economy and creating jobs through new product development and increased investment in local manufacturing and technology. With disruptions in global supply chains, there has been a surge in IT, cybersecurity, and efficiency enhancements. Many businesses have transitioned from planning to action, implementing strategies that were once on the back burner, resulting in successful navigation through the challenges posed by the pandemic. The proactive approach taken by these companies has not only ensured their survival but also set them on a trajectory for growth.
However, not all C-suite executives share the same level of optimism, with 20 per cent expressing concerns about the year ahead. Industries like tourism and hospitality, heavily impacted by prolonged lockdowns, are facing significant challenges with capital constraints and cost-cutting measures. The sharp decline in employment numbers further underscores the need for businesses to tighten their belts and weather the storm. Yet, amidst these challenges, the resilient spirit of African business leaders shines through as they seek innovative solutions to keep their enterprises afloat.
As Africa navigates the road to recovery, the survey findings offer a glimpse into the varying sentiments within the C-suite landscape. While a majority harbor optimism and drive growth agendas, a notable minority grapple with uncertainty and adversity. The evolving business landscape in Africa reflects a mix of challenges and opportunities, with C-suite executives at the helm steering their companies towards a brighter future.
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