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Kenyan CEOs are cautiously optimistic about the global economy, with most expectating either improvement or stability in the next 12 months, says a new report by consulting firm PwC.

Despite concerns about inflation, majority of the captains of industry interviewed were confident about revenue growth in the next three years.

According to the report, 58 per cent of Kenyan CEOs view that inflation continues to be a significant threat, however 56 per cent are confident about their revenue growth in the next three years.

This echoes the sentiment of global CEOs, where 54 per cent said the global economy will either improve or stay the same within the same period.

“60 per cent of the Kenyan CEOs attribute 20 per cent of their company’s sales in 2023 to new products and services they have introduced in the last three years,” the report notes.

Peter Ngahu, PwC Kenya and Eastern Africa’s regional senior partner, says that from the foregoing, African CEOs may have become accustomed to uncertainty due to current global shocks.

“There is a great deal of uncertainty in the world right now. The long-term effects of Covid-19, geopolitical tensions and conflicts, climate change and a slowdown in the global economy have somehow made CEOs in Africa accustomed to uncertainty,” he said.

Muniu Thoithi, advisory leader for PwC East Africa, advised African CEOs to lead their organizations through continuous reinvention to thrive amid disruption.

Isaac Otolo, Deals Partner at PwC Kenya, emphasized the potential of collaboration across industry boundaries to create greater value.

About 60 per cent of Kenyan CEOs are taking climate actions such as improving energy efficiency and developing climate-friendly products and services, according to Edward Kerich, Partner and Environmental Social and Governance Leader at PwC Kenya. However, there are challenges with climate-friendly investments, including regulatory changes and shifting consumer preferences.

CEOs expressed concerns about the unintended consequences of AI, increased cyber-attack exposure and misinformation spread. Despite potential risks, responsible AI use can enhance productivity and growth. The study surveyed 4,702 CEOs worldwide in late 2023.