PwC exits around a dozen African countries following strategic review
Global accounting and consulting firm PwC has pulled out of around a dozen African countries as part of a sweeping effort to streamline its global network and avoid potential damage to its reputation.
In a statement released today, PwC confirmed it has ceased operations in nine francophone African nations: Ivory Coast, Gabon, Cameroon, Senegal, Madagascar, the Democratic Republic of Congo, the Republic of Congo, Guinea, and Equatorial Guinea.
The move, first reported by the Financial Times, follows a strategic review of PwC’s global operations. According to the newspaper, the firm also cut ties with member firms in Zimbabwe, Malawi, and Fiji earlier this year.
While PwC gave no detailed explanation for its departure, insiders told the FT that the affected markets were deemed “too small, risky, or unprofitable” to maintain.
The decision was also influenced by growing tensions between PwC’s global leadership and local partners, who reported losing more than a third of their business in recent years after being pressured to sever relationships with high-risk clients. Discussions over an exit began last year and were finalised this spring.
PwC stressed that it remains committed to Africa and will continue to operate in other countries across the continent. The accounting and consulting firm said it has contingency plans in place to ensure continuity of services for clients affected by the closures.
Mounting global pressures
The closures come amid a period of intense scrutiny and regulatory pressure on PwC worldwide. Over the past two years, the firm has been at the centre of a series of high-profile scandals across multiple regions, prompting interventions by its global leadership.
In China, PwC’s local affiliate was fined 441 million yuan (approximately $62 million) and handed a six-month suspension by the Ministry of Finance and the China Securities Regulatory Commission. Regulators accused the firm of concealing or condoning fraudulent practices linked to the $78 billion collapse of property developer China Evergrande.
PwC had audited Evergrande for nearly 14 years before cutting ties in early 2023. The fallout triggered a wave of client departures and staff layoffs in China.
Meanwhile, in the UK, PwC was fined £4.5 million by the Financial Reporting Council over failings in its audit of Wyelands Bank for the 2019 financial year.
The firm also faced political backlash in Australia after a senior tax partner misused confidential government information. The scandal sparked a public outcry and forced PwC’s global executives to step in and overhaul local practices.
Adding to its challenges, PwC faced a one-year ban from working with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, after a breakdown in relations. The company is currently working to repair ties with the fund, which manages assets worth around $925 billion.
Leadership and reputation at stake
Global chair Mohamed Kande, who took over in July 2024, has been tasked with steering PwC through these crises. His leadership has coincided with a push to focus the network on markets where the firm can maintain profitability while tightening controls to mitigate reputational and regulatory risks.
PwC, which operates as a network of locally owned partnerships, currently has a presence in 152 countries and employs more than 327,000 people worldwide.
As PwC works to restore trust with regulators, clients, and governments, the firm is expected to continue its review of operations in smaller and higher-risk markets. For now, its leadership remains focused on preventing future scandals – and protecting the firm’s standing as one of the world’s leading professional services networks.
