PricewaterhouseCoopers (PwC) Withdraws from Nine Sub-Saharan African Countries
PricewaterhouseCoopers (PwC) has made the decision to withdraw from nine Sub-Saharan African countries following a strategic review of its global network. This move marks a significant regional retreat by a Big Four accounting firm as it reevaluates its operations in markets deemed high-risk or underperforming.
According to a statement released on its official website, PwC has closed its offices in Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea. This decision is part of a broader restructuring effort across the firm’s global network to align operations with long-term strategic goals.
PwC functions as a global alliance of independently managed firms under a unified brand. While the firm did not provide specific reasons for the closures, it stated that the decision was the result of a network-wide evaluation of structural and commercial priorities.
Reports suggest that internal tensions arose between PwC’s global leadership and local partners, particularly regarding a directive to de-risk client portfolios. Several African member firms reportedly experienced a significant decline in revenue, some by over one-third, after being instructed to terminate relationships with high-risk clients.
Despite the closures, PwC has reaffirmed its commitment to Africa by continuing to serve clients through established offices in Nigeria, Kenya, and South Africa. The firm expressed confidence in the continent’s long-term growth potential.
Additional reports indicate that PwC has also cut ties with member firms in Zimbabwe, Malawi, and Fiji, although the firm did not comment on these specific exits.
As PwC navigates its restructuring efforts in Africa, it faces increased regulatory scrutiny globally. Recent fines and restrictions imposed on the firm’s divisions in China and the UK highlight the importance of compliance and audit quality in today’s regulatory environment.
Amidst these challenges, PwC is working to rebuild relationships with key clients, such as Saudi Arabia’s Public Investment Fund, underscoring the critical need for transparency and accountability in the audit industry.
The global landscape for audit firms is evolving rapidly, with regulators emphasizing governance and oversight to ensure the integrity of corporate auditing practices. PwC’s strategic decisions in Africa and beyond reflect the firm’s ongoing commitment to adapting to these changing dynamics while upholding its core values and standards.
