By Ayomide Otitoju
Global accounting giant PricewaterhouseCoopers (PwC) has announced the closure of its offices in nine Sub-Saharan African countries, citing a strategic restructuring of its network.
In a statement published on its official website, PwC confirmed that it has ceased operations in Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea. The firm described the move as part of an ongoing strategic review aimed at optimizing its global network structure.
The closures are among the most significant by a major international accounting firm in the region in recent years and come amid broader efforts by PwC to exit markets classified as high-risk or financially underperforming.
PwC, which operates as a network of independently run but affiliated partnerships across the globe, said the decision followed an evaluation of its long-term strategy in select markets. While the firm did not provide detailed reasons for the exit, reports have surfaced of internal disagreements between PwC’s global leadership and local partners, particularly over pressure to reduce exposure to high-risk clients.
According to the Financial Times, local affiliates in some African markets saw revenues decline by more than 30% in recent years after being instructed to cut ties with certain clients deemed non-compliant with risk standards.
Despite the closures, PwC reaffirmed its commitment to the African continent, stating it would continue to serve clients through its offices in key markets including Nigeria, Kenya, and South Africa. “We remain confident in the long-term growth potential of the continent,” the firm said in its statement.
Meanwhile, additional reports suggest that PwC may have also severed affiliations with member firms in Zimbabwe, Malawi, and Fiji, although the firm has not publicly confirmed these developments.
PwC is also working to mend ties with Saudi Arabia’s $925 billion Public Investment Fund, which suspended dealings with the firm’s local affiliate late last year.
The restructuring comes amid mounting global scrutiny of PwC’s audit quality and governance practices. In January, PwC’s China arm was fined $62 million and barred from taking on new business for six months by Chinese regulators, following audit lapses linked to the embattled property developer China Evergrande. More recently, in March, the UK’s Financial Reporting Council imposed a £5 million fine on the firm over deficiencies in its 2019 audit of Wyelands Bank.
The developments underscore the increasing regulatory pressure facing global auditing firms as they navigate compliance challenges and evolving client risk profiles across multiple jurisdictions.
