Price water house Coopers (PwC) has seized operations in 9 African countries that it regards as too small, risky or unprofitable to prevent future scadals noting that its decision is based on a strategic review.
The company has not laid out reasons for its exit from the countries, however, reports indicate that market disputes could have caused its unfriendly relationship in these countries.
The company may modernize its operations to focus on markets where it can maintain profit and manage risks productively.
“Following a strategic review, the PwC firms in Cote d’ivoire, Gabon, Cameroon, the democratic Republic of Congo( DRC), republic of Congo, Madagascar, Republic of Guinea, Senegal and Equatorial Guinea ( the PwC sub Sahara francophone firms) have separated and will no longer be part of the PwC network,” the PwC statement said. “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”.
This was contained in a PwC address to questions from financial time’s story of exiting unprofitable nations in the sub Sahara francophone nations will not be part of the PwC network following a strategic review.
Based on reports by financial times, which cited sources close to the situation, the PwC decision followed a growing disagreement with local partners who alleged that they lost more than a third of their business in recent years following pressures from PwC global leadership to cut out unpredictable customers.
Financial times which cited other local press sources and roster of PwC organizations revealed that PwC severed its link with member firms in Malawi, Fiji and Zimbabwe.
By Florence Asamoah Adom