Businesses & Financial News

EAC businesses begin to pick up pieces after Covid-19 shocks

Family businesses in East Africa are rising to the challenge at a time when financial uncertainty has already impacted many of their forecasts, according to the latest survey A new report by PricewaterhouseCoopers (PwC), titled, East Africa Family Business Survey.

Over the last year, 77% of East Africa family businesses report having retained as many staff as possible and many provided financial and/or mental health support to staff during these trying times.

Although only one third (33%) of East Africa family business owners had to reduce dividends, 51% of them took salary cuts themselves, a significantly higher percentage than globally (31%).

Overall, less than a third (28%) of family shareholders needed to inject more capital into the business from their personal assets.

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