PricewaterhouseCoopers (PwC), one of the world’s top accounting and consulting networks, has exited nine countries in Sub-Saharan Africa, trimming its footprint in a strategic pullback that’s turning heads in global financial circles.
The affected countries include Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Guinea, and Equatorial Guinea, according to a brief announcement posted on the firm’s website late last month.
No reason was officially stated, but the timing and scope of the move suggest deeper tensions. According to sources cited by the Financial Times, which broke the story earlier today, disagreements between PwC’s global leadership and its local African affiliates played a role. Specifically, internal pressure to disengage from “risky” clients reportedly led to significant revenue drops in several markets—leaving local offices struggling to remain viable.
In addition to the nine African nations, the firm has also reportedly severed ties with operations in Zimbabwe, Malawi, and Fiji, although those exits haven’t been formally confirmed in public statements.
This isn’t an isolated shake-up. PwC has been dealing with a series of high-profile setbacks worldwide. Just last year, the firm’s China unit was hit with a staggering $62 million fine after audit failures involving Chinese property giant Evergrande, which has since collapsed under the weight of a $78 billion fraud.
Meanwhile, regulators in the UK fined PwC nearly $6 million in March for shortcomings in its audit of Wyelands Bank.
Back in the Middle East, the firm is still working to rebuild its relationship with Saudi Arabia’s Public Investment Fund, after the country paused dealings with PwC following undisclosed issues between the two entities.
Though PwC hasn’t publicly connected the African closures to these global controversies, industry insiders say it’s part of a broader risk-averse repositioning. With shrinking margins, tighter regulatory scrutiny, and rising demand for compliance, the firm appears to be circling the wagons around its most profitable—and manageable—markets.
