Only 13% of chief executives in Africa are willing to tolerate high risk in innovation projects, even as 55% say innovation is critical to their business strategy, according to a new survey by PwC. The findings highlight a widening gap between ambition and execution among business leaders across the continent.
PwC’s 29th Global CEO Survey, released Feb. 5, 2026, polled more than 150 CEOs in Africa. It shows leaders who have strengthened operational resilience but remain cautious about making the transformative investments needed for long-term competitiveness.
Optimism with a short-term lens
African CEOs are more optimistic about economic conditions than their global peers. The survey found that 81% expect economic improvement, compared with a global average of 65%, and 47% anticipate revenue growth over the next year.
Despite this confidence, the survey points to a strong short-term focus. More than half of African CEOs, 51%, spend most of their time on activities with time horizons of less than one year. Only 15% plan five years ahead. Investment appetite is similarly restrained, with 59% reporting little to no change in spending plans and just 8% willing to make large investments amid geopolitical uncertainty.
“The uncertainty we all live with today needs to be accepted as the new norm,” said Dion Shango, PwC Africa chief executive. He said business strategies must remain flexible and responsive to avoid being undermined by sudden disruptions.
AI adoption lags global peers
The survey’s most significant gap appears in artificial intelligence adoption. African CEOs trail global counterparts in deploying AI across business functions. Only 37% said they can find and retain the talent needed to drive AI initiatives, while 41% have defined AI roadmaps and 37% have formal responsible AI and risk management processes.
Among companies that have invested in AI, results are mixed but encouraging. About 23% reported revenue growth and 25% achieved cost reductions. Overall AI adoption rose to 75%, but just 26% of African CEOs believe their current investment levels are sufficient to meet organizational AI goals.
“The challenge is fundamentally a governance deficit rather than a lack of ambition,” said Vikas Sharma, Africa cyber leader at PwC Mauritius. He said AI success depends on trusted data, secure infrastructure and clear accountability.
Diversification shows results
Diversification has emerged as a bright spot. Nearly half of African CEOs, 47%, said their companies have entered new sectors over the past five years, with about 24% of revenue now coming from these newer businesses. Technology leads planned expansion at 17%, followed by real estate and retail at 13% each, and transport and logistics at 12%.
Acquisitions also feature prominently in growth strategies. Forty percent of African CEOs plan to pursue acquisitions in the next three years, close to the global average of 46%. Key motivations include increasing market share, diversifying portfolios and achieving scale efficiencies.
The reinvention challenge
PwC said the survey’s central message is that resilience alone will not be enough. While African businesses have adapted to currency volatility, political uncertainty and infrastructure constraints, cautious investment risks widening the gap with global competitors already scaling AI and other advanced technologies.
The report noted that expanding digital infrastructure and growing internet exchange capacity across the continent provide a foundation for bolder moves. Whether leaders act on that opportunity will depend on their willingness to translate strategic intent into calculated risk-taking.
“Africa’s CEOs are not short on ambition or ability,” said Hannelie Gilmour, consulting and transformation platform leader at PwC South Africa. “The leaders who shape the next phase of business in Africa will be those who understand that future stability depends on today’s innovation.”
The global survey covered 4,454 CEOs across 95 countries and territories between September and November 2025, with results weighted by country GDP.
