PricewaterhouseCoopers (PwC), one of the world’s leading professional services firms, has formally closed its operations in nine Sub-Saharan African nations, marking a significant contraction of its footprint on the continent. The firm made this announcement via a statement published on its website on March 31, noting that the decision followed an extensive internal strategic review.
According to the statement, PwC has ended its partnerships in Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), Republic of Congo, Republic of Guinea, and Equatorial Guinea. All nine were previously operating as member firms within PwC’s global network of locally owned and managed partnerships.
This restructuring is part of what appears to be a broader effort by PwC to streamline its operations and focus on more profitable and less risky markets. The firm did not provide detailed reasons for the exits, but it confirmed the closures amid rising questions regarding its long-term strategy in developing economies.
Internal Tensions and Declining Business
Reports suggest that the closures were not simply the result of market analysis but also stemmed from growing tension between PwC’s global leadership and local offices. According to a Financial Times investigation, local African partners raised concerns that directives from PwC’s central leadership —particularly instructions to disengage from “risky clients”|— had severely impacted their revenue. In some countries, partners reported business declines exceeding 30% over recent years.
These internal pressures may have made continued operations in these markets unsustainable. With fewer clients and shrinking revenues, local entities may have struggled to meet global standards or maintain operational independence, ultimately leading to the mutual decision to shut down.
The Financial Times also indicated that PwC’s withdrawals were not limited to the nine countries mentioned in its statement. Based on internal documents and local media sources, PwC is believed to have cut ties with member firms in Zimbabwe, Malawi, and even Fiji. These countries were not officially confirmed by PwC, but their absence from the global directory of affiliated firms suggests a quiet disengagement.
A Pattern of Global Scrutiny and Reputational Damage
PwC’s retreat from certain international markets comes at a time of intense scrutiny and legal challenges around the world. In mainland China, PwC was hit with a $62 million fine and a six-month suspension for audit failings related to the China Evergrande scandal, one of the largest corporate frauds in Asia involving $78 billion in false accounting by the property developer.
In the United Kingdom, PwC faced another setback when it was fined nearly $6 million for its 2019 audit of Wyelands Bank, a lender associated with controversial British businessman Sanjeev Gupta. Regulators cited serious deficiencies in the audit process, reflecting broader concerns about the quality and independence of PwC’s auditing work.
These incidents have contributed to client losses, layoffs, and reputational damage across multiple markets. The firm has come under pressure to increase transparency, strengthen internal controls, and review client relationships, particularly in regions where regulatory oversight has intensified.
Rebuilding Trust in Strategic Regions
Despite these challenges, PwC is working to rebuild trust in key markets, including the Middle East. The firm is reportedly engaged in active discussions with the Saudi Arabian government and its sovereign wealth fund, the Public Investment Fund (PIF), following a suspension of business ties last year. The PIF, valued at $925 billion, had paused dealings with PwC due to concerns over audit practices and ethical standards.
PwC is now attempting to restore its relationship with the fund, which plays a central role in Saudi Arabia’s Vision 2030 economic reform program. Given the fund’s influence and its investments across sectors like technology, infrastructure, and renewable energy, regaining access to PIF contracts is seen as a strategic priority for the firm.
The restructuring in Africa and other smaller markets may thus be part of a broader attempt to concentrate resources in regions where the firm sees long-term stability, economic growth, and regulatory alignment with its global compliance standards.
While PwC continues to operate in other parts of Africa, including South Africa, Nigeria, and Kenya, its reduced presence on the continent reflects a shift in how global accounting firms weigh risk, profitability, and reputational exposure in emerging markets.