PricewaterhouseCoopers (PwC) has confirmed its withdrawal from nine Sub-Saharan African countries following a strategic review of its global network. The announcement marks one of the most substantial regional retreats by a Big Four accounting firm in recent years, as it reassesses operations in markets perceived as high-risk or underperforming.
In a statement published on its official website, PwC said it had shut down its offices in Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea. The move follows a broader restructuring effort across the firm’s global network, aimed at aligning operations with long-term strategic goals.
PwC operates as a global alliance of independently managed firms under a unified brand. While it did not provide explicit reasons for the closures, it noted that the decision emerged from a network-wide evaluation of its structural and commercial priorities.
The development follows reports of internal friction between PwC’s global leadership and local partners, particularly regarding a directive to de-risk client portfolios. According to the Financial Times, which cited individuals familiar with the matter, several African member firms experienced a sharp decline in revenue—by over one-third in some cases—after being instructed to end relationships with clients considered high-risk.
PwC, however, reiterated its long-term commitment to Africa, stating it would continue to serve clients through established offices in Nigeria, Kenya, and South Africa. “We remain confident in the long-term growth potential of the continent,” the firm affirmed in its statement.
The Financial Times also reported, based on internal documents and local media coverage, that PwC had severed ties with member firms in Zimbabwe, Malawi, and Fiji. PwC declined to comment on these additional exits.
The firm’s retreat from parts of Sub-Saharan Africa comes as it faces growing regulatory scrutiny worldwide. In January, PwC’s China division was fined $62 million and barred from accepting new business for six months by Chinese regulators due to audit failings linked to property giant China Evergrande, which is embroiled in a $78 billion accounting scandal.
In the UK, PwC was fined £5 million in March by the Financial Reporting Council for deficiencies in its 2019 audit of Wyelands Bank. Regulators found the firm had not gathered sufficient audit evidence and failed to apply the necessary professional scepticism.
Meanwhile, in the Middle East, PwC is working to repair its relationship with Saudi Arabia’s Public Investment Fund, which suspended its dealings with the firm’s local affiliate late last year. The sovereign wealth fund, valued at $925 billion, has since limited PwC’s engagement pending reassessment.
The decisions come at a time when global audit firms are under intensifying pressure to enhance governance and accountability, with regulators in multiple jurisdictions increasingly vigilant in their oversight of corporate auditing practices.
