PricewaterhouseCoopers (PwC), one of the Big Four global professional services firms, has made the significant decision to cease operations in nine Sub-Saharan African countries. This move, announced in March 2025, comes as part of a broader strategic review aimed at streamlining operations and addressing mounting pressures from local partners.
The countries affected by this decision include Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo (DRC), Republic of Congo, Madagascar, Republic of Guinea, Senegal, and Equatorial Guinea. While the firm did not provide a detailed explanation for its exit, reports suggest that local partners have been under increasing pressure from PwC's global leadership to cut ties with what they deemed hazardous clients. This pressure has reportedly led to a loss of over a third of their business in recent years.
According to a statement released on its website, PwC emphasized that the firms in these countries will no longer be part of the PwC network. The statement read, "Following a strategic review, the PwC firms in Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo, Republic of Congo, Madagascar, Republic of Guinea, Senegal and Equatorial Guinea have separated and will no longer be part of the PwC network. The PwC Network will maintain a strong presence in Africa and has service continuity plans in place for our clients from other PwC offices across the region, as applicable." This assertion aims to reassure clients about the firm’s ongoing commitment to the African market, despite the recent cuts.
Local leaders within PwC have voiced concerns regarding the firm's approach, stating that they have experienced significant business losses due to the pressure to disengage from risky clients. This situation has been exacerbated by a general exodus of clientele and layoffs that PwC has faced since last year. The Financial Times reported that some partners claimed they had lost more than a third of their business, highlighting the tensions between local firms and the global management.
Moreover, the challenges facing PwC are not limited to Africa. The firm has been grappling with a series of scandals and regulatory issues worldwide. In China, for instance, PwC's mainland unit was slapped with a six-month suspension and a hefty $62 million fine for its involvement in concealing fraudulent practices related to the China Evergrande Group's staggering $78 billion financial scandal. This incident has not only tarnished the firm's reputation but has also led to a wave of client departures.
In the UK, PwC faced further scrutiny and was fined £4.5 million by the Financial Reporting Council for its flawed audit of Wyelands Bank in 2019. This fine was part of a broader trend of regulatory crackdowns on the firm, which has been under increased scrutiny for its auditing practices.
Additionally, PwC has encountered difficulties in its relationship with Saudi Arabia’s sovereign wealth fund, which has suspended its activities with the accounting giant for a year. This suspension adds another layer of complexity to PwC's operations in key markets, particularly in the context of the ongoing economic uncertainty in Sub-Saharan Africa.
The economic landscape in Sub-Saharan Africa has also been challenging. A recent report by SBM Intelligence indicated that the region lost approximately $10 billion in foreign direct investment in 2024, largely attributed to political instability and climate-related disruptions. These factors likely influenced PwC’s decision to withdraw from these nine countries, as the firm seeks to focus on markets where it can maintain profitability and manage risks more effectively.
In addition to the nine African countries, PwC has also severed ties with member firms in Malawi, Fiji, and Zimbabwe, further indicating a trend of retrenchment in its global operations.
PwC's global chair, Mohamed Kande, who took the helm in July, is now tasked with navigating the aftermath of these crises and restoring the firm's reputation across its various markets. The firm is reportedly working on strategies to mend its relationships with key stakeholders, including efforts to improve ties with the Saudi Arabian sovereign wealth fund.
Despite these challenges, PwC maintains that it will continue to support its clients in Africa through other offices within the region. The firm’s commitment to a strong presence in Africa remains, even as it reassesses its operational strategies in response to evolving market conditions.
As PwC navigates these turbulent waters, the implications of its decisions will be closely watched by clients, partners, and regulators alike. The firm’s ability to adapt and respond to these challenges will be crucial in determining its future success in the global professional services landscape.
