PwC shuts operations in nine African countries
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PricewaterhouseCoopers (PwC) has revealed plans to shut down its operations in nine Sub-Saharan African countries following a strategic review intended to streamline its global network.
The countries affected by this decision are Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea. This move represents a major scale-back by the international professional services firm in the region.
In a statement published on its website, PwC explained that the decision is part of a wider strategy to focus on markets with stronger long-term growth potential. The firm expressed confidence in Africa’s future prospects, highlighting that it will maintain operations in key countries like Nigeria, Kenya, and South Africa.
According to a report by the Financial Times, which cited sources familiar with the situation, revenues in several of PwC’s local markets had declined by more than a third in recent years. This downturn was reportedly linked to directives requiring the firm to cut ties with clients considered high risk.
While PwC did not specify the exact reasons for its withdrawals, the firm is also facing reputational challenges in other regions. In Saudi Arabia, for example, the country’s $925 billion sovereign wealth fund recently suspended its engagements with PwC. Furthermore, the firm has reportedly ended its affiliations with member offices in Zimbabwe, Malawi, and Fiji.
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