PricewaterhouseCoopers has confirmed its withdrawal from nine Sub-Saharan African countries as part of a broader strategic review aimed at mitigating risk and enhancing profitability.
In a statement on its website, the firm confirmed it has exited Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, Guinea, and Equatorial Guinea.
The decision is aimed at concentrating resources on markets with greater growth potential and strategic importance.
PwC, which operates as a network of independent but affiliated partnerships, stated that the decision to exit certain African markets followed a review of its network structure and long-term strategy.
The closures come amid reports of internal tensions between PwC’s global leadership and local partners, especially regarding efforts to de-risk client portfolios.
PwC has exited several African countries, according to a Financial Times report that cites sources familiar with the matter.
Local partners in those markets reportedly saw revenues drop by over a third in recent years, following directives to cut ties with clients considered high-risk.
While PwC did not provide specific reasons for the move, it stated that it remains committed to Africa through offices in key markets like Nigeria, Kenya, and South Africa. “We remain confident in the long-term growth potential of the continent,” it said.
The Financial Times report also cited documents and local news sources indicating that PwC had cut ties with member firms in Zimbabwe, Malawi, and Fiji, although PwC declined to comment on these reports.
PwC has faced increasing global scrutiny over its audit quality and governance standards.
In January, its China arm was fined $62 million and banned from taking on new business for six months by Chinese regulators.
The penalties were tied to audit failures related to China Evergrande, the property giant at the heart of a $78 billion accounting scandal.
