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SMEs’ Confidence in Sub-Saharan Africa is on the Rise

The inaugural Middle East and Africa (MEA) SME Confidence Index found 74% of SMEs in Sub-Saharan Africa are optimistic about the next 12 months; 68% of SMEs in Sub-Saharan Africa are projecting revenues that will either grow or hold steady. 48%  are forecasting an increase. As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, SMEs in Sub-Saharan Africa have identified upskilling staff for the future (73%), access to training and development support (69%), and easier access to credit (69%), as the top 3 drivers for growth. Among all regions surveyed, Sub-Saharan Africa also saw the highest potential in being able to do business internationally (62%). This highlights the opportunities for small businesses that arise from both internal transformation and global connections, as well as industry regulations and trends.

Alastair Tempest

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