PricewaterhouseCoopers (PwC) has officially withdrawn from nine Sub-Saharan African countries following a strategic review of its global network, marking one of the largest retreats by a Big Four accounting firm in the region in recent years. The affected countries are Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea.
PwC attributed the closures to a network-wide evaluation aimed at aligning operations with long-term strategic goals. The firm did not specify detailed reasons but acknowledged internal tensions between its global leadership and local partners, particularly over efforts to de-risk client portfolios by severing ties with clients deemed high-risk. This reportedly led to revenue declines exceeding one-third in some markets according to a Financial Times report, citing people familiar with the matter.
Despite these exits, PwC reaffirmed its commitment to Africa, maintaining operations in key markets such as Nigeria, Kenya, and South Africa, and expressed confidence in the continent’s long-term growth potential.
This restructuring coincides with PwC’s broader global challenges, including regulatory sanctions and reputational issues. Notably, PwC’s China unit was fined $62 million and suspended for audit failures related to the Evergrande scandal, while in the UK, the firm faced a £5 million fine over audit deficiencies. Additionally, PwC is working to mend relations with Saudi Arabia’s Public Investment Fund after a suspension of activities.
The firm has also reportedly severed ties with member firms in Zimbabwe, Malawi, and Fiji, focusing on markets considered too small, risky, or unprofitable.