PwC exits nine African countries to focus on markets with growth prospects

PriceWaterhouseCoopers (PWC) announced the closure of its operations in nine sub-Saharan African countries.

Affected countries include Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, Democratic Republic of the Congo, Republic of the Congo, Republic of Guinea and Equatorial Guinea.

In a statement on its website, PwC said the decision is part of a broader strategy focused on the market for long-term growth prospects.

“We have confidence in the long-term growth potential of the continent,” the company noted, highlighting continued operations in key markets such as Nigeria, Kenya and South Africa.

A Financial Times report cited sources familiar with the matter, which shows that revenue in several local markets has dropped by one-third in recent years. The downturn reportedly followed the directive and disconnected from clients deemed to be high-risk.

Although PwC has not provided specific reasons for the exit, the company is facing reputation challenges elsewhere. In Saudi Arabia, for example, the country’s $925 billion sovereign wealth fund recently stopped fighting with PwC. In addition, the company reportedly ended its affiliation with its member offices in Zimbabwe, Malawi and Fiji.