Despite global economic headwinds, the belief in growth remains remarkably strong among C-suite executives, and nowhere is this more evident than in Africa. The continent’s business leaders are approaching an increasingly complex landscape with a distinct sense of optimism and ambition.
The Forvis Mazars Global C-Suite Barometer, an annual global study of more than 800 executives across more than 30 countries, provides a clear view into this mindset. Our research highlights that African C-suite leaders are not just keeping pace with global trends but are setting a new standard for strategic thinking. Their agenda is defined by four core priorities that are paving the way for a more innovative, sustainable and connected future.
The first priority is technology and innovation. More than half of African executives (56%) rank innovation as their top priority, compared to just 43% globally. They are not just adopting new tools but preparing to leapfrog traditional growth models through artificial intelligence (AI), cybersecurity and data analytics.
The second priority is environmental, social & governance (ESG) considerations and sustainability, as businesses seek to drive purpose with growth. Most business leaders in Africa (93%) believe their revenue will grow over the next five years. However, they stress that growth is inseparable from impact, linking future success with strengthening staff retention and training; reducing inequality and building stronger communities; and localising production to stop exporting raw materials and importing finished goods. ESG is no longer a box-ticking exercise but rather a catalyst for industrial and social transformation.
The third priority is international expansion as regional growth takes off. Two thirds of African leaders plan to expand to new countries over the next five years. While slightly below the global average (83%), this figure is rising fast. Many African firms are gaining maturity and ambition, and international expansion is now clearly a strategic priority.
The fourth — and final — priority is a talent shortage with 60% of African leaders citing talent recruitment as a major challenge. This issue is deeply connected to the digital and ESG agenda: without the right people, transformation is not sustainable. Talent strategies will make or break growth plans in the years ahead.
Africa is on the verge of a historic demographic and economic shift. By 2050 the continent is expected to be home to 2.5-billion people, with more than 60% of them aged under 25. That means the world’s largest workforce and consumer base, representing significant opportunity.
For companies looking to grow, several sectors are poised to scale, including financial services (banking the unbanked and fintech inclusion); infrastructure and energy (roads, power and utilities); telecoms and digital (connectivity and mobile services); consumer goods and retail (as the urban middle class grows); and agriculture and agriprocessing (feeding and exporting at scale).
But expansion comes with its own set of challenges. Political and economic risks that need to be taken into consideration include political instability, shifting regulatory environments, inflation and currency volatility, capital repatriation restrictions and access to finance, weak logistics corridors, corruption and inconsistent enforcement of laws.
Strategic challenges include aligning country-specific strategies with group-level priorities, selecting the right market-entry model and investment pace, and building competitive advantages in fragmented and fast-moving sectors.
Expansion into Africa also comes with operational challenges, with businesses required to adapt to diverse and sometimes unpredictable realities such as managing local regulatory differences and compliance risks simply because “you don’t know what you don’t know”. In new or growing markets, small local offices may lack the capacity or control frameworks found at headquarters. This can increase exposure to errors or missed opportunities.
Having provided outsourced accounting, tax and advisory services in more than 20 African countries, we have seen how in some countries statutory audits can be delayed for years, either because the jurisdiction was not originally in scope or because local teams lack the resources to prepare the necessary documentation. In some instances, audits are finalised only three or four years later, uncovering issues long after they first occurred.
Physical distance also plays a role, with some areas of the continent poorly connected by air, limiting oversight. Another commonly found operational challenge is bridging cultural and language gaps between anglophone, francophone and lusophone markets, especially when it comes to communication and governance expectations.
These operational risks are often the hidden blockers to scale. Succeeding in Africa demands more than just a grand vision; it requires a deep understanding of on-the-ground realities. To truly thrive, businesses must adapt their controls to local contexts, benchmark and replicate best practices thoughtfully, and build scalable governance structures that avoid silos and blind spots. A “one-size-fits-all” approach simply won’t work. The path to unlocking Africa’s immense potential is paved with meticulous planning, agile execution and the right partners.
• De Place is partner at Forvis Mazars in SA.
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