PricewaterhouseCoopers (PwC), one of the world’s leading accounting firms, has withdrawnoperations from Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea as part of a sweeping strategic review.
The move, which marks one of the most significant contractions by a major global accounting firm in the region in recent years, comes amid falling revenues and concerns over high-risk client portfolios.
A Financial Times report, citing sources familiar with the matter, revealed that local PwC partners in several African markets experienced revenue declines of more than one-third in recent years.
This drop followed directives to sever ties with clients considered high-risk. Despite these setbacks, PwC remains committed to serving African clients through its offices in key markets such as Nigeria, Kenya, and South Africa.
We remain confident in the long-term growth potential of the continent, the firm said.
PwC confirmed the closures on its website and said the decision is part of a broader exit from high-risk or unprofitable markets.
The firm operates as a network of independent but affiliated partnerships and indicated that the closures followed a review of its network structure and long-term strategy in specific markets.
The move also comes against a backdrop of internal tensions between PwC’s global leadership and local partners, particularly regarding its push to de-risk its client portfolios. While PwC did not elaborate on the reasons for exiting these countries, the closures underscore the challenges facing international professional services firms operating in complex and often volatile African markets.
