The majority (64%) of Chief Executive Officers (CEOs) in Ghana have expressed confidence that their companies will thrive beyond the next decade if they stick to their current business models or plans, the 28th Annual CEO Survey: Ghana Report by PwC has revealed.
According to the report, this percentage is considerably higher than their peers in Africa (52%) and globally (55%) who share similar convictions.
It also represents a significant improvement in the general mood of the country’s business community about the long-term economic growth prospects and business viability in the face of global megatrends compared to 12 months ago.
“Now, considering that this upswing in CEOs’ sentiments has materialised within a period of 12 months, when the business threats landscape has remained largely unchanged—if anything, threats have intensified—then this upwelling in CEOs’ confidence might have been birthed by deliberate actions business leaders have taken to reinvent their business models and make them future-proof”, it explained.
The report added that the responses CEOs gave in the survey suggest that CEOs in Ghana have taken and/or are considering some very bold decisions, in some cases appearing to be moving at a pace faster than their African and global peers to reinvent their business models and remain economically viable.
For instance, proportionately more CEOs in Ghana (52%) compared to Africa (48%) and globally (38%) confirmed having expanded over the past five years their business operations beyond their traditional industries or sectors in search of new value pools.
Ghana’s CEOs s Pay Attention to Decision Quality
The survey response data suggested that, in every aspect of the strategic decision-making process, Ghana’s CEOs are “outperforming” their African and global peers—whether it involves countering confirmation bias or big picture analysis.
“If that is the case, we expect businesses in Ghana to be deriving bigger and better benefits (measured by growth or increases in revenue, profits and profit margins) from the decisions taken by their business leaders—in this case, decisions related to business model reinvention choices. However, this does not appear to be the case as, compared to their African and global peers, Ghana’s CEOs noted that fundamentally distinct businesses and other core business extensions have contributed an average of 13% of total revenue over the past five years”, the report added.
In comparison, the African CEOs report having generated an average of 20% of total revenue from similar sources, while global CEOs generated 22%.
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