This was made known on its website, where it listed the 9 African countries it halted its operations in during March.
It was originally believed that the PwC had closed operations in over a dozen countries deemed too small, risky, or unprofitable to prevent future scandals; however, the company, as reported by Reuters, noted that its decision is based on a strategic review.
Although the company did not give a concrete reason for its exit, reports indicate that market disputes seems to have soured its relationship in these countries.
Also, the company maybe streamlining its operations to focus on markets where it can maintain profitability and manage risks effectively.
Responding to questions about a Financial Times story that indicated PwC had left some nations that were judged too small, dangerous, or unprofitable, PwC referred Reuters to a statement.
The statement as seen on its website simply reads, “Following a strategic review, the PwC firms in Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo (DRC), Republic of Congo (Congo), Madagascar, Republic of Guinea, Senegal and Equatorial Guinea (the PwC Sub-Saharan Francophone Africa firms) have separated and will no longer be part of the PwC network.
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.”
Based on the aforementioned report by Financial Times, which cited sources close to the situation, PwC’s decision followed growing disagreements with local partners, who alleged that they lost more than a third of their business in recent years as a result of pressure from PwC’s global leadership to cut out hazardous customers.
The Financial Times story, which cited local press sources and a roster of PwC organizations, revealed that PwC also severed its links with member firms in Malawi, Fiji, and Zimbabwe.