PricewaterhouseCoopers (PwC) has announced the separation of its member firms in nine African countries, marking a significant shift in its regional strategy.
The affected firms, located in Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo (DRC), Republic of Congo, Madagascar, Republic of Guinea, Senegal, and Equatorial Guinea, will no longer be part of the PwC network.The move comes as other global accounting firms—Ernst & Young(EY), KPMG, and Deloitte—reassess their operations in emerging markets.The company has outlined service continuity plans to ensure that clients continue receiving advisory, tax, and audit services from other PwC offices in the region where applicable.
“We remain deeply committed to Africa and will continue to serve our clients across the region through our existing offices. We are confident in our ability to support businesses navigating the complexities of the evolving economic landscape,” PwC said in a statement.
The impact on the separated firms remains unclear, as they will now need to rebrand and operate independently or seek alternative global affiliations. The firms have not yet provided details on their future strategies.
PwC’s decision is the latest in a series of shifts within the global professional services industry, reflecting evolving market dynamics and strategic realignments. Africa has been an area of strategic interest for global accounting firms due to its growing economies and increasing regulatory demands but challenges such as political instability and economic fluctuations have prompted periodic reassessments of business strategies in the region. Interestingly, the slump in demand is a global phenomenon.
Deloitte has laid off employees in its U.S. consulting division as federal cost-cutting measures impact government contracts, according to The Wall Street Journal. In the UK, the firm reduced 50% reduction in travel and expenses due to the reduced demand for consulting services.
On the other hand, Ernst & Young (EY) will consolidate its 18 global regions into 10, and integrate its financial services division into the broader firm by the middle of this year. This follows the collapse of last year’s attempted audit-consulting split and aims to cut costs while streamlining operations.
KPMG is also planning to consolidate more than 100 national affiliates into 30 to 40 larger economic units by 2026 in a bid to streamline governance, enhance audit quality, and improve efficiency. The overhaul will see smaller country units, particularly those generating under US$300 million in revenue, merged into regional clusters with unified leadership and investment strategies.