Global accounting giant, PricewaterhouseCoopers (PwC) has shut down operations in nine Sub-Saharan African countries, marking a significant retreat as part of a broader strategic review. The move was confirmed in a statement published on the firm’s website.
The affected countries include Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), the Republic of Congo, the Republic of Guinea, and Equatorial Guinea.
PwC, which functions as a global network of independently owned partnerships, did not provide an official reason for the closures in its statement. However, the firm issued the update following a Financial Times report that suggested PwC exited over a dozen countries due to concerns about risk, profitability, and internal disputes.
According to the FT, growing tension with local partners played a key role in the decision. Local affiliates reportedly lost more than one-third of their business in recent years, following global directives to sever ties with high-risk clients. The FT also reported that PwC had withdrawn from Zimbabwe, Malawi, and Fiji.
PwC directed Reuters to its online statement in response to media inquiries about the FT report but declined further comment.
This development adds to a series of setbacks for the firm globally. PwC has been grappling with reputational damage and client losses, partly fueled by high-profile controversies and regulatory actions.
Notably, PwC’s China operations were hit with a $62 million fine and a six-month suspension due to audit lapses tied to property developer China Evergrande’s $78 billion accounting fraud. In March, UK regulators also fined PwC nearly $6 million for shortcomings in the 2019 audit of Wyelands Bank.
The firm is currently working to restore its relationship with Saudi Arabia’s Public Investment Fund (PIF), which froze activities involving PwC following internal issues. PwC is reportedly engaging with the $925 billion sovereign wealth fund and its affiliates in a bid to reestablish trust.
Despite the firm’s wide global presence, these recent withdrawals and scandals highlight the increasing pressures faced by major accounting firms to balance compliance, profitability, and trust—especially in volatile or underregulated markets.
