PricewaterhouseCoopers (PwC) has announced the closure of its operations in nine African countries—Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo, the Republic of Congo, Madagascar, the Republic of Guinea, Senegal, and Equatorial Guinea.
This decision follows a strategic review aimed at reducing the firm’s exposure to markets considered too risky or unprofitable.
The move is part of PwC’s broader efforts to safeguard its global reputation amid increased scrutiny over its auditing practices. The firm has faced several regulatory penalties recently, including a £2.9 million fine in the UK for audit failings related to Wyelands Bank and a $62 million fine along with a six-month suspension in China over its audit of Evergrande, which had overstated its sales by $80 billion.
PwC has also initiated job cuts and delayed promotions in response to slowed revenue growth due to reduced client spending in the consultancy sector. Despite these setbacks, the firm reported a 9% revenue growth to £6.3 billion in 2024.
The firm stated that it will maintain a strong presence in Africa and has service continuity plans in place for clients from other PwC offices across the region.
