Lessons for business leaders during crises – Business Daily
In times of crises, businesses are urged to embrace internationally recognised standards and work in solidarity with governments to rebuild trust and speed recovery.
The business community has a crucial role to play in reimagining the social contract and reinforcing public trust by forging stronger partnerships with the UN, Government and civil society that will lead to the achievement of SDG 16 on peace, justice, and strong institutions.
This cannot be accomplished without a demand for greater accountability, integrity, and transparency as well as greater protection of fundamental freedoms and respect for the rule of law.
The fight against climate change cannot be disregarded either. Perhaps there is a silver lining.
Many countries have begun decarbonisation efforts and there is a solid reason to drive the renewable energy transformation with even greater urgency. With the Ukraine crisis, however, corporations are being pushed even harder to establish reliable supply chains, relocate activities closer to home, and reevaluate their recovery procedures.
The Africa Continental Free Trade Area is an immediate opportunity to tap. Now considered the world’s largest free trade area serving a market of 1.3 billion people, it has the potential to strengthen Africa’s self-reliance and lift majority of Africans from extreme poverty.
What else can businesses do in the face of severe future uncertainty?
Kenya must prioritise self-sufficiency in light of the pandemic’s economic lessons and the Ukraine-Russia war. This includes growth of local industries rather to curb dependence on imports.