PricewaterhouseCoopers (PwC) will cease operations in nine Sub-Saharan African countries, marking one of the most significant regional contractions by a Big Four accounting firm in decades.
Affected markets include Côte d’Ivoire, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, Guinea, and Equatorial Guinea. The decision follows a strategic review of the firm’s global alliance network, with PwC citing a need to prioritize markets aligned with long-term growth and structural goals.
In a statement published on its corporate website, PwC emphasized the move as part of a broader recalibration of its international footprint. While the firm did not disclose specific financial metrics, internal directives to reduce exposure to high-risk clients reportedly slashed revenues by over 30% in some African offices. Despite the exits, PwC reaffirmed its commitment to the continent, maintaining hubs in Nigeria, Kenya, and South Africa. “Africa remains a core part of our global strategy,” the company said, pledging continued investment in regions with “sustainable demand” for audit, tax, and advisory services.
The Financial Times reported tensions between PwC’s global leadership and local partners, driven by mandates to sever ties with clients flagged for elevated risk. Beyond the nine African nations, the firm has reportedly ended affiliations in Zimbabwe, Malawi, and Fiji, though PwC declined to confirm those withdrawals.
The retrenchment coincides with mounting regulatory scrutiny worldwide. In January, Chinese regulators fined PwC’s mainland business $62 million and suspended new client engagements for six months, citing audit failures linked to property giant Evergrande’s collapse. The UK’s Financial Reporting Council imposed a £5 million penalty in March for lapses in PwC’s 2019 audit of Wyelands Bank. Meanwhile, the firm is rebuilding its relationship with Saudi Arabia’s Public Investment Fund after its local affiliate’s services were suspended last year.
As global audit giants face intensifying pressure to enhance governance, PwC’s leadership appears focused on consolidating its network, even if retreating from strategically complex regions. The firm’s pivot reflects broader industry challenges, where balancing growth ambitions with regulatory compliance and risk mitigation has become increasingly fraught. Analysts note that while such exits may streamline operations, they also risk diminishing local expertise and access to multinational services in emerging economies a tension that underscores the evolving calculus of global professional services firms in an era of heightened accountability.
Source: News Ghana / Digpu NewsTex