More than 80 per cent of chief executives in Africa say bribery and corruption is a threat to growth, according to a survey.
PwC’s Africa Business Agenda 2014 also found that almost a fifth of CEOs are tackling fraud by developing supply chain management plans.
Anton Van Wyk, PwC’s risk assurance services leader for East, West and South regions in Africa, said: “For 83 per cent of CEOs in Africa, bribery and corruption is a significant, worrisome and frustrating threat to growth.”
The survey found corruption and availability of key skills were the joint top threats for African company bosses.
The next biggest threat was high or volatile energy costs, with more than three quarters of respondents “somewhat” or “extremely” concerned, followed by rising labour costs.
Some 58 per cent were concerned about raw materials prices and 56 per cent by supply chain disruption.
However, the survey found 90 per cent of bosses were confident of mid-term prospects for their businesses, and just over half were “very confident”.