Global accounting firm PricewaterhouseCoopers (PwC) has ceased operations in French-speaking African countries as part of a wider strategic review of its operations on the continent.

Details of the exit remain scanty, but the consultancy firm said in a statement on March 31 that its firms in sub-Saharan Francophone Africa will “no longer be part of the PwC network.”The firms are based in the Democratic Republic of Congo, Côte d’Ivoire, Gabon, Cameroon, the Republic of Congo, Madagascar, Guinea, Senegal and Equatorial Guinea.“Following a strategic review, the PwC firms (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,” the statement said.

PwC’s exit from Francophone Africa comes at a time when the Big Four accounting firms — PwC, KPMG, Ernst &Young (E&Y) and Deloitte — are restructuring their global operations in the wake of falling demand for advisory and consultancy services.

These accounting firms are reorganising their businesses and trimming workforce as demand for services in the aftermath of the Covid-19 pandemic spurred demand for consulting services in areas such as corporate strategy, leading to higher recruitment.

In 2024, Deloitte undertook the biggest overhaul of its global operations in a decade to cut costs and reduce the organisation’s complexity in the face of an expected market slowdown, according to the Financial Times.

Under the plan, Deloitte’s main business units will be cut to four — audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal — from the five the firm has had since 2014.

The new structure is expected to be implemented later this year.

After several years of rapid growth, the Big Four accounting firms are facing tougher times as a difficult economic backdrop in key markets prompts companies to cut spending.

According to the Indian technology talent platform TechGig, the Big Four have recently made significant workforce reductions in response to evolving market dynamics and economic pressures, with the layoffs reflecting broader trends in the professional services industry as firms adjust their operations to align with changing client demands and financial realities.

During the pandemic, consulting firms expanded significantly as companies sought their services, but the situation has since changed and companies are cutting back on external consultants due to increased inflation and economic uncertainty.

This has reduced the demand for advisory services with clients prioritising core expenses, prompting accounting firms to slash costs and reorganise staff in order to remain profitable.

According to TechGig, Deloitte UK, for instance, has eliminated as many as 250 jobs in its advisory arm in the face of stringent market conditions, while PwC US has shed 1,800 employees, about 2.5 percent of its workforce.

E&Y UK has trimmed its financial services advisory staff by more than five percent due to low demand, while KPMG has also trimmed jobs in various areas to adapt to shifting client needs. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).