PricewaterhouseCoopers (PwC), one of the "Big Four" global professional services firms, has ceased operations in nine African countries following what the company described as a "strategic review".

The firm announced on its website that it had separated from operations in Côte d'Ivoire, Gabon, Cameroon, the Democratic Republic of Congo (DRC), Republic of Congo, Madagascar, Republic of Guinea, Senegal and Equatorial Guinea.

"The PwC Network will maintain a strong presence in Africa and has service continuity plans in place for our clients from other PwC offices across the region, as applicable," PwC stated on its website, noting that it had exited the markets in March.

While PwC did not provide specific reasons for the withdrawal, reports suggest growing disagreements with local partners may have contributed to the decision. According to the Financial Times, local partners claimed they lost more than a third of their business in recent years due to pressure from PwC's global leadership to eliminate risky clients.

Nadine Tinen, who served as PwC's senior partner for francophone Africa until the split, told the Financial Times: "PwC became more risk averse than in the past, and we can understand that. When you look at the benchmarks of risk related to transparency and corruption, you will always find countries in francophone Africa. It's not new."

The withdrawal follows a series of high-profile scandals that have damaged PwC's reputation globally. In China, the firm received a six-month suspension and a $62 million fine after regulators determined its local affiliate had "concealed or condoned" fraudulent practices linked to property developer China Evergrande's $78 billion financial scandal.

Mohamed Kande, global chairman of PwC who assumed the role in July, said the accounting firm's work had fallen "well below our high expectations and was completely unacceptable".

In the UK, the Financial Reporting Council fined PwC £4.5 million over its flawed 2019 audit of Wyelands Bank. The firm has also faced scandal in Australia when a tax partner was found to have misused confidential government information.

Reports indicate that PwC has also cut ties with member firms in Zimbabwe, Malawi and Fiji, as the company apparently seeks to reduce exposure to markets deemed too small, risky or unprofitable.

The withdrawal from these markets comes at a challenging time for Sub-Saharan Africa, with SBM Intelligence estimating the region lost approximately $10 billion in foreign direct investment in 2024 alone, driven by political instability and climate-related disruptions.

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