PricewaterhouseCoopers (PwC) has announced the closure of its operations in nine Sub‑Saharan African nations, marking one of the most significant pull‑backs by a Big Four firm in the region in recent memory.
Following a comprehensive strategic review of its global alliance, PwC confirmed it will shutter offices in Côte d’Ivoire, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, Guinea and Equatorial Guinea.
In a notice on its corporate website, the firm explained that this sweep of market exits reflects a broader effort to recalibrate its global footprint, prioritizing regions where long‑term growth potential aligns with its commercial and structural objectives. Although PwC did not elaborate on specific performance metrics or risk calculations, the retreat follows internal directives aimed at “de‑risking” client rosters, moves that reportedly eroded revenues by more than 30% in certain African member firms.
Despite the withdrawals, PwC reiterated its commitment to the continent’s future, underscoring continued operations in its established hubs across Nigeria, Kenya and South Africa. “Africa remains a core part of our global strategy,” the statement read, “and we will continue to invest in markets where we see sustainable demand for high‑quality audit, tax and advisory services.”
Reports in the Financial Times have highlighted tensions between the global headquarters and local partners, stemming from mandates to end relationships with clients deemed high‑risk. Beyond the nine African markets, the firm has also reportedly severed affiliations in Zimbabwe, Malawi and Fiji, though PwC declined to comment on those exits.
This strategic retrenchment occurs against a backdrop of escalating regulatory challenges for PwC worldwide. In January, Chinese authorities levied a ¥425 million ($62 million) penalty against its mainland business and imposed a six‑month ban on new engagements, citing audit lapses in the Evergrande collapse. In the UK, the Financial Reporting Council fined PwC £5 million in March over shortcomings in its 2019 audit of Wyelands Bank.
Meanwhile, in the Middle East, the firm is working to mend ties with Saudi Arabia’s Public Investment Fund after a suspension of its local affiliate’s services late last year. With pressure mounting on global audit firms to bolster transparency and governance, PwC’s leadership appears determined to streamline its network, even at the cost of scaling back in certain high‑profile markets.
PwC provides assurance (audit), advisory and tax services, offering a wide range of services in those practice areas to companies of varying sizes and individuals.
