African CEOs name factors that will spur growth

KAMPALA

African chief executive officers (CEOs) have named technological aancement, urbanisation and demographic shifts as the top three factors that will transform businesses on the continent over the next five years.
In a new report by PricewaterhouseCoopers (PwC) titled Africa Business Agenda 2014, the CEOs note that technology aances at 69 per cent, urbanisation 67 per cent and demographic shifts at 63 per cent as the top three defining trends that will transform their businesses over the next five years.

The report compiles results from 260 CEOs in Africa and includes insights from business and public sector leaders from 18 countries including Uganda.
Commenting on the report, Mr Suresh Kana, a Senior Partner for PwC Africa who issued the report in South Africa said: “We are also seeing more use of technological innovation and products, with no less than 91 per cent of African CEOs either recognising the need to change their investments or in the process of doing so. Similarly, 85 per cent said the same about data analytics.”

He added: “As technologies progress, they will generate more improvements in efficiency and productivity. In turn, these aances are expected to trigger a strong acceleration in economic growth towards the end of the coming decade.”
In Uganda, the executive director of Private Sector Foundation Uganda, Mr Gideon Badagawa, told Daily Monitor in a recent interview that the use of technology in business transformation is the way to go because it makes the process in transacting business, easier.

moketch@ug.nationmedia.com

SOURCE: Daily Monitor

Releated

IGAD and Partners are Keeping an Eye on La Nina Effects on the Region

The Intergovernmental Authority on Development (IGAD) Climate Prediction & Applications Centre (ICPAC) this morning kick started the 44th Greater Horn of African Climate Outlook Forum (GHACOF) during an opening ceremony presided over by the Minister of Environment of Uganda, Hon. Dr. Mary Goretti Kitutu, in Kampala.   The opening ceremony was also attended by the […]

Car bomb kills 5 soldiers outside Somali president’s palace: police

A car bomb claimed by al Shabaab Islamist militants killed five soldiers outside the president’s palace in the Somali capital of Mogadishu and badly damaged two nearby hotels, police said.     Reuters witnesses said gunfire could be heard after the explosion and a huge cloud of smoke could be seen above the president’s palace, […]