East African CEOs are charging into 2025 with a sharpened strategic lens—facing volatility with resilience, embracing transformation with intention, and leveraging technology with purpose. PwC’s 28th Annual Global CEO Survey – East Africa Perspective reveals a region where business leaders are not only optimistic about the future but are already well into a reinvention journey.
“Reinvention as a strategic imperative remains the main theme of this year’s report, as East African CEOs remain focused on innovation and adapting to evolving market conditions,” says Peter Ngahu, Regional Senior Partner, Eastern Africa.
This East Africa edition of PwC’s 28th Annual Global CEO Survey reflects the views of over 160 CEOs across the region—including from Kenya, Uganda, Tanzania, Rwanda, Zambia, Mauritius, and the Democratic Republic of Congo. The data was collected in late 2024 and represents perspectives across a diverse range of industries. The regional insights complement the global CEO findings and highlight how local leadership is navigating risks, embracing transformation, and planning for sustainable growth.
Confidence in Economic Growth and Investment Momentum
The survey reveals strong confidence in both regional and global economic prospects: 72% of East African CEOs expect growth in their territory in the next 12 months, and 66% expect global economic growth, a major jump from 42% in the previous year.
Peter Ngahu reflects on this optimism despite global uncertainty:
“Despite ongoing geopolitical and trade tensions, CEOs in East Africa are optimistic about the global economy’s future.”
Risk Awareness is Rising—But So Is Strategic Focus
CEOs acknowledge the challenges ahead. According to the survey, macroeconomic volatility, cyber risks, and limited skilled workforce are perceived as the top threats to business performance.
“It’s not surprising that macroeconomic volatility, inflation and cyber risks remain the major external threats for this region’s CEOs,” says Peter Ngahu.
“Several challenging internal factors will need to be addressed… lack of skills, organisation efficiency and implementation.”
Zainab Salome Msimbe, Country Senior Partner, Tanzania, echoes these sentiments: “Although their immediate apprehensions centre around macroeconomic volatility, inflation, and cyber risk at the moment, their real concerns are more focused on the long-term threats.”
Reinvention Is Not Just a Buzzword—It’s Business Strategy
Over half of East African CEOs believe their companies will remain viable for more than 10 years if they reinvent. Strategic planning, budgeting, and capital allocation are no longer ad hoc processes—most CEOs describe them as “intentional”.
“In an era characterised by rapid change and technological advancement, East African CEOs are exhibiting remarkable resilience and strategic foresight,” says Andrew Chibuye, Country Senior Partner, Zambia.
“By embracing disruptive technologies and adapting to evolving market conditions, these businesses are not merely surviving but are thriving.”
Survey data reveals strong confidence in internal capabilities, especially in correct strategic choices (63%) and well-calibrated forecasts/plans (63%), as key factors contributing to long-term viability.
Artificial Intelligence: From Adoption to Competitive Edge
AI has moved from theory to impact. The survey shows that 70% of East African CEOs experienced increased productivity, 60% reported increased revenue, and 65% saw reduced time spent on routine tasks due to AI adoption.
Vikas Sharma, Regional Leader, Consulting & Risk Services, East Africa, emphasizes the transformative potential:
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“Those who adapt to AI will thrive in tomorrow’s world, while those who hesitate will be left behind.”
Looking ahead, nearly half of CEOs expect to integrate AI into core technology platforms, business processes, and workforce skills development.
Climate Investment: Green Growth on the Horizon
Despite limited government incentives, East African businesses are investing in sustainability:
- 50% increased investment in climate-friendly products/services
- 40% did so in response to revenue opportunities
- Only 17% received incentives
Peter Ngahu explains the urgency:
“The region is also facing some serious environmental challenges brought on by climate change and thus, impacting agriculture, food security and hence livelihoods.”
He adds: “Addressing these challenges requires coordinated efforts in climate adaptation and mitigation strategies to build resilience in the region.”
Uganda: A Stronghold of Resilience and FDI Growth
Uganda stands out as a country where confidence is matched by strong fundamentals and a clear development agenda.
“The Ugandan economy has shown remarkable resilience marked by a stable Uganda Shilling amid volatility in the region; a benign inflationary environment; and rapid growth of private sector credit,” says Uthman Mayanja, Country Senior Partner, Uganda.
He highlights a major upswing in foreign direct investment:
“Uganda’s FDI grew by nearly 80% from US$1.65 bn in 2021 to US$2.95 bn in 2022, driven by achievement of the Final Investment Decision for Uganda’s oil and gas projects in February 2022. With total spend attached to these projects estimated at US$10 bn, the trend in FDI growth is set to continue over the next few years.”
But Uganda’s growth ambition doesn’t stop at oil and gas.
“Government of Uganda has started a programme of attracting investment into the country’s wider mineral wealth as part of an ambitious economic expansion plan anchored in development of agriculture, tourism, mining and science, technology and innovation,” he adds.
“Achievement of these plans will require sustained growth in FDI and it’s positive to see that CEOs have embraced this agenda in their spending plans.”
East Africa’s Business Horizon: Reinvention in Motion
Whether it’s strategic reinvention, digital transformation, or climate resilience, East African CEOs are aligning vision with execution. With innovation at the heart of leadership, the region’s business community is preparing not just to survive—but to lead.
As Peter Ngahu concludes: “The shifts businesses need to make will take time, but it is more than encouraging to see that CEOs are full speed into their reinvention journey despite the challenges they face.”
