PwC Closes Operations in Nine African Nations Amid Strategic Risk Review

One of Britain’s leading accountancy firms has shuttered operations across nine African nations as part of a strategic move to minimise exposure to risky markets and protect its global reputation. PwC has severed ties with multiple firms within its worldwide network of locally owned partnerships, marking a significant withdrawal from jurisdictions deemed financially or reputationally hazardous.

The accounting giant’s strategic retreat encompasses operations in Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo, Republic of Congo, Madagascar, Republic of Guinea, Senegal and Equatorial Guinea. This decision follows earlier separations from outposts in Zimbabwe, Malawi and Fiji.

The firm’s recent challenges include a £2.9 million fine from the Financial Conduct Authority related to audit failures at Wyelands Bank, the collapsed lender previously owned by metals magnate Sanjeev Gupta. PwC’s mainland China division faced even more severe consequences, receiving a $62 million penalty and six-month suspension for its problematic audit of property developer Evergrande in 2024.

Mohamed Kande, PwC’s global chairman, acknowledged the severity of these failures, stating the work had fallen “well below our high expectations and was completely unacceptable.” The firm maintains it will retain a robust presence in Africa, implementing service continuity plans through other regional offices.

The accountancy firm has also initiated cost-saving measures, offering voluntary redundancy to more than 100 employees and delaying graduate promotion timelines. Despite these challenges, PwC achieved revenue growth of 9 per cent to £6.3 billion in its 2024 financial year, though this represents a slowdown from the previous year’s 16 per cent increase.

PwC’s restructuring reflects broader industry pressures, as the Big Four accounting firms grapple with reduced client spending on consultancy services amid persistent inflationary pressures. The firm’s strategic withdrawal from higher-risk African markets signals a broader shift towards more stable operational territories.