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Cape Town – Only one quarter of the CEOs interviewed by Accenture, a leading business consultancy, thought that the private sector in Africa was on track to meet growth and prosperity goals within a sustainable and responsible way.
This was a key insight in the Accenture’s report, Reimagining Africa’s Future: The $350bn opportunity for sustainable business.
“Our research shows that African businesses have the opportunity to unlock $350bn a year in value from new opportunities that address socio-economic and environmental challenges,” said Accenture SA CEO William Mzimba.
The report said that while Africa is moved from being “the hopeless continent” of the early 1980s to “the rising star” of the 2010s, there was still much that needed to be done to achieve sustainable growth.
Sustainability was vital to growth
Presenting its findings at the World Economic Forum on Africa, Accenture’s global MD for Sustainability Services Peter Lacy said 90% of the CEOs thought that sustainability was vital to growth of their business.
While sustainability challenges were future risks for businesses outside Africa, those challenges within the continent were current issues. Those included water, poverty and climate shifts.
“A key highlight is that businesses in Africa have to change and innovate to capture a tantalising sustainable future,” he said. “They have to use resources more efficiently and build trust with stakeholders.”
“CEOs told us repeatedly that progress was not fast enough,” he said, adding that they want African countries to stop talking and planning, and to “turn words into action”.
AUDIO: Interview with Peter Lacy
Lacy said that by between 2030 and 2050, there will be a billion people in Africa. “That is an enormous opportunity or an enormous risk,” he said. “Enormous transformation is required.”
Businesses were advancing past addressing sustainability issues through corporate social investment or philanthropy. Now, they were addressing sustainability through business strategy, in HR and in supply chains to create share value.
Lacy said Africa needed to leverage digital revolution for the benefit of shared values.
Trust was also a key issue. “CEOs recognised that trust was one of the most important drivers,” he said. “A lack of trust is a major inhibitor and challenge for businesses wanting to invest.”
Read the full report:
