In a stunning retreat, global accounting giant PricewaterhouseCoopers (PwC) has pulled out of nine Sub-Saharan African nations. The firm confirmed on its website that it closed operations in Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, DRC, Republic of Congo, Republic of Guinea, and Equatorial Guinea following a sweeping strategic review.
This move marks one of the boldest contractions by a Big Four firm in Africa in recent years, triggered by internal tensions over risk management and declining revenues in local markets.
While PwC refrained from detailing its reasons, the Financial Times reports that revenue losses exceeding one-third in some countries prompted the decision. Despite the exit, PwC reassures that it remains committed to the African continent through strongholds like Nigeria, Kenya, and South Africa. Globally, PwC faces heightened regulatory scrutiny, including hefty fines in China and the UK over audit failures, further fueling its strategy shift.
Source: Nairametrics
