African chief executives are increasingly prioritising innovation and artificial intelligence (AI), yet many remain cautious about taking the risks needed for transformative change, according to PwC’s 29th Global CEO Survey.
The survey revealed that only 13% of African CEOs are willing to tolerate high risk in innovation projects, even as more than half view innovation as critical to their business strategy.
Surveying over 150 CEOs across the continent, the report highlights a gap between ambition and action. Dion Shango, PwC Africa CEO, said: “The uncertainty we all live with today needs to be accepted as the new norm. Businesses must remain flexible to avoid being undermined by sudden disruptions.”
Despite caution, African CEOs remain optimistic about economic prospects. 81% expect market conditions to improve, while 47% anticipate revenue growth over the next year. Yet, many continue to focus on short-term priorities, with 51% spending most of their time on activities with planning horizons of less than a year.
AI adoption is a major priority, but execution is uneven. Only 37% of firms report having the talent needed for AI initiatives, 41% have clear AI roadmaps, and 37% have formal AI risk management processes.
Christiaan Nel, AI Africa Leader at PwC South Africa, said: “AI depends on trusted data, secure infrastructure, and clear accountability. Without these foundations, strategic planning defaults to tactical experimentation rather than enterprise-wide transformation.”
The survey also found that 75% of African CEOs have engaged with AI in some form, yet only 26% believe their current investments are sufficient to achieve their AI goals. Analysts warn that this “implementation gap” could slow digital transformation across the continent.
Meanwhile, nearly half of CEOs have explored new sectors over the past five years, and 40% plan growth through mergers and acquisitions to expand market share and diversify portfolios.
Hannelie Gilmour, Consulting and Reinvention Leader at PwC South Africa, said: “Africa’s CEOs are not short on ambition or ability. The leaders who will shape the next chapter of business in Africa are those who recognise that tomorrow’s stability comes from today’s innovation.”
The survey underscores a central challenge for African business leaders: balancing cautious operational strategies with bold investment in innovation and AI to secure long-term competitiveness.
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