PricewaterhouseCoopers (PwC) has announced the closure of its operations in nine Sub-Saharan African countries.
The affected countries include the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, the Republic of Guinea, and Equatorial Guinea.
In a statement on its website, PwC said the decision was part of a broader strategy to concentrate on markets with long-term growth prospects.
“We remain confident in the long-term growth potential of the continent,” the firm noted, emphasizing continued operations in key markets such as Nigeria, Kenya, and South Africa.
A report by the Financial Times, citing sources familiar with the matter, revealed that revenues in several local markets had dropped by over a third in recent years. The slump reportedly followed directives to sever ties with clients deemed high-risk.
Although PwC did not provide specific reasons for the exits, the firm is also grappling with reputational challenges elsewhere. In Saudi Arabia, for instance, the country’s $925 billion sovereign wealth fund recently halted engagements with PwC. Additionally, the firm has reportedly ended affiliations with member offices in Zimbabwe, Malawi, and Fiji.
