66% of African Family Businesses Surpass Global Growth

According to a PwC South Africa report, 66% of family businesses across Africa reported single or double-digit sales growth over the past year, surpassing the global average of 57%. This performance reflects the resilience and adaptability of these businesses despite challenges such as geopolitical shifts, technological disruptions, and economic uncertainties.

The survey, which included insights from 79 family businesses across East, West, and Southern Africa, indicates that many businesses are focusing on long-term sustainability and disciplined strategies. Notably, 53% of respondents aim for steady growth in the next two years, while 27% target faster expansion.

The report also highlights that 82% of family businesses prioritize reinvesting profits to enhance resilience rather than pursuing rapid expansion. Esiri Agbeyi, a leader at PwC Nigeria, and Herman Eksteen, a family business leader in South Africa, underscore the importance of clearly defined purposes and maintaining trust to strengthen competitive positions.