London, April 17, 2025 – PricewaterhouseCoopers (PwC) has announced the closure of its operations in nine Sub-Saharan African countries.
The accounting and management firm disclosed this in a statement on its website, citing the outcome of a strategic review aimed at streamlining its global network.
The affected countries include the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, the Republic of Guinea, and Equatorial Guinea.
The company also said the decision was informed by the broader strategy to concentrate on markets with long-term growth prospects.
It said it was for now concentrating its operations in key markets in Africa like Nigeria, Kenya, and South Africa, but also expressed it confidence in long-term growth prospects of the continent.
While PwC’s official announcement did not specify reasons for the withdrawal, the Financial Times reported that mounting differences with local partners contributed to the decision. According to the report, these partners claimed they lost over a third of their business in recent years due to pressure from PwC’s global executives to drop clients deemed too risky.
The FT, citing a register of PwC entities and local news reports, indicated that PwC has also severed ties with member firms in Zimbabwe, Malawi, and Fiji. The publication suggested that countries were deemed “too small, risky or unprofitable” to maintain operations.
This African restructuring comes amid broader global challenges for PwC, which operates as a network of locally owned partnerships.
The firm has faced significant regulatory scrutiny in multiple markets, including a $62 million fine and six-month suspension for its mainland China unit over audit failures related to property developer China Evergrande’s $78 billion fraud case.
Just last month, British regulators imposed a $6 million fine on PwC for issues related to its audit of Wyelands Bank.
The accounting giant has also been working to repair relations with Saudi Arabia after the kingdom suspended activities between its $925 billion sovereign wealth fund’s holding company and PwC.
These exits from African markets represent the latest development in what has been a challenging period for the firm, which has seen client departures and staff reductions across various countries since last year.
A report by the Financial Times, citing sources familiar with the matter, revealed that revenues in several local markets had dropped by over a third in recent years. The slump reportedly followed directives to sever ties with clients deemed high-risk.
Although PwC did not provide specific reasons for the exits, the firm is also grappling with reputational challenges elsewhere.
In Saudi Arabia, for instance, the country’s $925 billion sovereign wealth fund recently halted engagements with PwC.
Additionally, the firm has reportedly ended affiliations with member offices in Zimbabwe, Malawi, and Fiji. (North African Post)
