PricewaterhouseCoopers (PwC), one of the world’s leading professional services firms, has announced the closure of its operations in nine African countries as part of a comprehensive global strategic review aimed at reducing exposure to financial and reputational risks.
The affected countries include Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo, the Republic of Congo, Madagascar, Guinea, Senegal, and Equatorial Guinea. These closures follow earlier exits from Zimbabwe, Malawi, and Fiji, reflecting PwC’s ongoing effort to reassess its presence in smaller or more volatile markets.
Initially, it was speculated that PwC’s move was driven by efforts to avoid future scandals, especially in the wake of a series of high-profile audit failures. However, the firm clarified that the decision was based on a broader strategic review and not solely a reaction to recent controversies.
PwC has faced growing scrutiny globally due to various lapses in auditing standards. The firm was fined $62 million and suspended from operating in China for six months over its involvement in the Evergrande financial reporting scandal. In the UK, it was penalized £2.9 million for deficiencies in its audit of Wyelands Bank. These issues have led to internal reforms and leadership changes across regions.
Mohamed Kande, PwC’s global chairman, acknowledged that some of the auditing failures were “completely unacceptable” and did not reflect the company’s values or expected standards. He emphasized the firm’s dedication to rebuilding trust and improving oversight across all markets.
Despite the turbulence, PwC reported a 9% increase in global revenue in its 2024 financial year, reaching $53.1 billion. However, this was a slowdown compared to the 16% growth recorded the previous year, highlighting the impact of recent challenges.
The decision to withdraw from parts of Africa has stirred debate over the implications for local economies. In countries like Zimbabwe, where both PwC and Deloitte have exited, concerns have been raised over the quality and reliability of financial reporting. Industry experts warn that while local firms may step in, it will take considerable investment and capacity-building to reach global standards.
PwC has reaffirmed its commitment to Africa, stating that it will maintain a strong presence through its offices in larger and more stable regional markets. The firm has also implemented service continuity plans to support clients in the countries where operations have ceased.
