"Building trust in society and solving important problems on the African continent are important to us"
Sponsor foreword by Hein Boegman, CEO, PwC Africa
We are pleased to once again partner with London Stock Exchange Group in the publication of the second edition of the Companies to Inspire Africa report, which identifies African companies that have exhibited the potential to become global leaders in their respective industries.
This year’s edition features 360 private companies, all of which have exhibited tremendous growth over the past three years, an increase from the 343 companies in last year’s maiden edition.
The consumer services, industry, agriculture and technology and telecoms sectors topped the list of industries most represented, at 79, 77, 53 and 51 companies respectively.
Africa’s young population of 226 million people, aged between 15 and 24 years in 2015, is estimated to double by 2045, according to the World Bank. The growing middle class and continued urbanisation are some of the key factors driving international retail expansion across Africa.
Another fast-growing industry in Africa is power and utilities, within the industry sector. We expect to see more growth in this sector to address the energy deficit in Africa, where, according to the African Development Bank report The New Deal on Energy for Africa, an estimated half of the continent’s population is without access to a power supply. Renewable energy is one of the fast-growing innovations in the energy space and has attracted significant investment globally.
Agriculture has been a critical growth driver in Africa. According to the World Bank report Growing Africa, agriculture (defined as the cultivation of crops and raising of livestock) contributes almost a quarter of the GDP in Sub-Saharan Africa and, together with agribusiness (the broader business within the agriculture ecosystem), accounts for nearly half of the continent’s GDP. Latent opportunities in the industry are expected to increase with the deployment of technological solutions across the agribusiness value chain.
Technology and telecoms companies also featured prominently, particularly within the financial services industry, as the continent continues to experience their influence in disrupting the traditional retail banking and payments sub-sectors with new technology-driven applications.
At PwC, we view private business as an important catalyst to economic growth and innovation in Africa. With 66 offices and more than 10,000 people in 34 countries on the continent, we support companies through their growth journey by offering a variety of professional services. This includes supporting them in raising funds for growth, helping to develop their strategies for expansion, providing audit services to early growth stage companies – an important element in establishing confidence with various stakeholders – and working with companies to ensure regulatory and tax compliance.
Building trust in society and solving important problems on the African continent are important to us, and we are committed to continue supporting these companies in achieving their growth.
Intiatives such as London Stock Exchange Group’s Companies to Inspire Africa provide much-needed global visibility of the potential residing in these companies.