Nearly half of Ghana’s chief executive officers are increasingly concerned that their businesses may not be doing enough to remain competitive and viable over the long term, despite expressing confidence in economic growth and their own organisations’ revenue prospects.
This is according to the 29th Global CEO Survey – Ghana Insights by PwC Ghana, which reveals a growing gap between business leaders’ ambitions to innovate and the practical capabilities needed to thrive in an increasingly uncertain global economy.
The survey found that 48 percent of CEOs in Ghana are worried about whether they are doing enough to transform their business models to ensure medium- and long-term viability. This marks a significant increase from the previous year’s survey, when 34 percent expressed similar concerns, and is considerably higher than the 39 percent recorded for African CEOs and 29 percent globally.
PwC says the findings highlight a growing sense of urgency among Ghanaian business leaders as technological disruption, climate change, geopolitical uncertainty and evolving customer expectations continue to reshape industries.
“Could these statistics be suggesting that, in the space of one year, more of Ghana’s CEOs now doubt the state of readiness of their business models for an uncertain future?” the report asks, noting that business leaders must prioritise innovative practices if they are to remain competitive.
Although many CEOs acknowledge the need for reinvention, the report suggests their organisations have yet to fully develop the innovation systems required to support transformational growth.
While 71 percent of Ghanaian CEOs describe innovation as central to their overall business strategy, fewer than four in ten say their companies have established processes to routinely test new ideas with customers, discontinue underperforming research projects or collaborate extensively with external partners to strengthen innovation. Specifically, only 38 percent regularly validate ideas with customers, while just 35 percent have systems for terminating unsuccessful research initiatives or pursuing collaborative innovation.
PwC argues that these figures point to what it describes as an “innovation aspiration-capability gap”—a disconnect between the importance executives attach to innovation and the systems they have in place to consistently deliver it.
The report further indicates that Ghanaian businesses continue to face operational constraints that could undermine their ability to compete effectively.
Only 21 percent of CEOs believe their companies bring new products and services to market faster than competitors, compared with 38 percent in Africa and 43 percent globally. Meanwhile, 55 percent acknowledge they are slower than competitors in commercialising innovations, the highest proportion recorded among African respondents.
Technology limitations also remain a major concern.
One-third of Ghanaian CEOs say technological constraints continue to hamper operational performance, while only 18 percent believe their technology functions currently exceed expectations. In addition, 38 percent cite limited access to capital as a major obstacle to funding innovative initiatives, a figure significantly higher than the global average of 24 percent.
Despite these challenges, confidence in leadership remains high.
Only 15 percent of Ghanaian CEOs expressed concern about having the right leadership team, lower than both African and global averages. Nearly half also believe their executive teams are well equipped to anticipate disruption, respond effectively to emerging risks and capture opportunities created by changing market conditions.
PwC notes, however, that leadership confidence alone will not be sufficient if organisations fail to dedicate adequate time to long-term planning.
According to the survey, Ghanaian CEOs spend an average of 52 percent of their working time dealing with short-term operational matters, 33 percent on medium-term issues and only 15 percent considering long-term strategic challenges. By comparison, global CEOs devote relatively more time to medium- and long-term planning.
The report argues that this imbalance may partly explain why many executives are worried about the future of their businesses while struggling to close the innovation gap.
“For 48% of CEOs in Ghana to say that one of their topmost concerns is their company’s medium-to-long term viability yet spend more than half their time ‘managing for today’ at the expense of ‘planning for tomorrow’, we are left with little wonder why the innovation aspiration-capability gap is currently large,” the report states.
To address these challenges, PwC recommends that business leaders redefine innovation within their organisations, strengthen collaboration, accelerate product development cycles, increase time devoted to long-term strategy and pursue strategic mergers and acquisitions where appropriate to access new capabilities and technologies.
The survey concludes that while Ghanaian CEOs remain optimistic about economic prospects and their organisations’ future growth, sustaining that optimism will depend on translating innovation ambitions into practical action that strengthens resilience, competitiveness and long-term business sustainability.
