PricewaterhouseCoopers (PwC) has recently closed its operations in nine Sub-Saharan African countries as part of a strategic restructuring. This development follows rising scrutiny around reputational risk and governance challenges, according to media and internal sources.

Strategic Realignment and Regional Closures

In a statement dated March 31, PwC confirmed the cessation of its operations in the following countries: Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Guinea, and Equatorial Guinea. This exit represents a significant geographic withdrawal and follows a review of market viability and risk exposure.

When approached by Reuters, PwC declined to elaborate on the matter beyond its official statement. This came in response to a Financial Times report suggesting that the closures targeted countries which were perceived as high-risk, unprofitable, or too small to align with the firm’s global strategy.

Internal Disputes and Declining Revenues

According to FT sources, internal disputes also played a role, with local partners citing revenue losses exceeding one-third over recent years. This downturn was allegedly driven by global leadership urging affiliates to sever relationships with high-risk clients — a move some claim weakened local business sustainability.

Furthermore, sources reported that PwC cut ties with firms in Zimbabwe, Malawi, and Fiji, indicating a broader trend of disengagement from volatile or underperforming markets.

Mounting Global Compliance Challenges

The closures come as PwC grapples with increased global scrutiny and regulatory penalties. Its China branch faced a $62 million fine and a six-month suspension following audit failures linked to the $78 billion fraud at China Evergrande. Similarly, in the UK, PwC was fined approximately $6 million for audit deficiencies tied to Wyelands Bank.

Additionally, the firm is attempting to rebuild trust with Saudi Arabia’s Public Investment Fund (PIF), after the PIF’s holding company halted business engagements with PwC amid concerns over auditing practices.