Kenya ranked second leading global business destination by African CEOs

A section of top African CEOs have ranked Kenya as the second leading global business destination for major firms looking for growth prospects this year, according to the findings of a PwC report.

The East African nation was cited by 22 of the 171 African CEOs in the survey, who saw Kenya as an important destination for growth opportunities outside their home market.

This was beaten only by the US, which was recognised by 24 business leaders in PwC’s 22nd Annual Global CEO Survey, which was conducted in September and October 2018.

However, PwC’s 7th Africa Business Agenda 2019 uncovered a pessimistic outlook among CEOs with regards to finding growth opportunities, with 20% revealing they did not know of the right places to seek growth, more than double the 8% recorded in 2018.

“The CEOs are looking for new markets … but they are approaching the new markets with some level of caution. So if they are identifying economies outside of their home, Kenya, given its level of stability, remains quite popular,” said PwC Kenya assurance leader Kang’e Saiti.

The Africa Business Agenda draws on the results of PwC’s Annual Global CEO Survey, which is comprised of 1,378 interviews in 91 countries, including 83 CEOs from 19 African countries.