PwC Exits Nine African Countries, Citing Focus On Growth Markets

PricewaterhouseCoopers (PwC) has announced the shutdown of its operations in nine Sub-Saharan African countries, following a strategic review aimed at streamlining its global network.

The countries affected are Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, the Republic of Guinea, and Equatorial Guinea.

This move marks a significant withdrawal by the global professional services firm from the region.

In a statement on its website, PwC said the move is part of a broader strategy to focus on markets with long-term growth potential. “We remain confident in the long-term growth potential of the continent,” the firm stated, reaffirming its commitment to key markets like Nigeria, Kenya, and South Africa.

According to the Financial Times, sources familiar with the matter said revenues in several local markets had fallen by over a third in recent years, following directives to cut ties with high-risk clients.

While PwC did not cite specific reasons for the closures, the firm is also facing reputational issues elsewhere. In Saudi Arabia, the $925 billion sovereign wealth fund recently suspended work with PwC. The firm has also reportedly cut ties with its member offices in Zimbabwe, Malawi, and Fiji.