PricewaterhouseCoopers (PwC) has closed its operations in nine Sub-Saharan African countries, following a strategic review aimed at streamlining its global network. The affected countries include Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Congo Republic, Republic of Guinea, and Equatorial Guinea. The move was confirmed in a statement published on the firm’s website on March 31, though no specific reason was given for the closures.
The development comes amid reports by the Financial Times that PwC exited over a dozen countries, citing market conditions that were considered too small, risky, or unprofitable. The firm reportedly faced internal disagreements with local partners, who claimed they had lost over a third of their business in recent years. These losses were attributed to global executives’ insistence on dropping clients deemed risky.
PwC did not directly respond to the claims but instead referred Reuters to its earlier statement. Additional reports suggest the firm has also severed ties with member firms in Zimbabwe, Malawi, and even outside Africa, in Fiji. This wave of restructuring follows widespread client departures and job cuts across multiple countries since last year.
The accounting giant has recently faced a series of controversies and regulatory penalties globally. Its mainland China unit was fined $62 million and suspended for six months over audit failures related to the China Evergrande scandal. In March, PwC was fined approximately $6 million in the UK for issues concerning its audit of Wyelands Bank’s 2019 financials. The firm is also working to repair relations with Saudi Arabia after the country’s sovereign wealth fund froze dealings with PwC.