After the Big Four: Redefining the Competitive Landscape of Audit and Consulting Services in French-speaking Africa

Resume

The withdrawal of PricewaterhouseCoopers (PwC) and Ernst & Young (EY) from several countries in Central and French-speaking West Africa marks a major shift for the audit and consulting sector in the region. Driven by strategic recalibration, increasing compliance requirements, and profitability challenges, these disengagements are reshuffling the cards in this market. This report examines the reasons for these withdrawals, their immediate and long-term consequences on the professional services market, as well as the economic implications for local and multinational companies. It highlights the opportunities for emerging local firms, the challenges they must overcome in terms of service quality and international recognition.

Introduction: A Seismic Shift in African Professional Services

The professional services landscape in French-speaking Africa is undergoing a profound transformation, marked by the withdrawal of two of the global "Big Four" firms, PricewaterhouseCoopers (PwC) and Ernst & Young (EY). These firms have announced significant reductions in their direct presence in several Central and West African countries, leading to a profound reassessment of their operational strategies.

PwC initiated this wave of withdrawals by announcing the closure of its offices in nine sub-Saharan African countries, including Côte d'Ivoire, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, the Republic of Guinea, and Equatorial Guinea, with a target date of March 31, 2025. These decisions follow on from previous disaffiliations in Zimbabwe and Malawi. At the same time, EY is also preparing to withdraw from French-speaking Sub-Saharan Africa by 2026, a decision that affects 11 countries, including Senegal, Guinea, Cameroon, Côte d'Ivoire, DRC, Congo, Gabon, Madagascar, Chad, Senegal, and Togo.

2- Strategic Withdrawal: The Reasons Behind the Departures

The decisions of PwC and EY to reduce their presence in French-speaking Africa are the result of a convergence of internal and external factors.

2-1- PwC's Departure

PwC has formalised its separation of its firms in French-speaking Sub-Saharan Africa, affecting ten countries, with an effective date of March 31, 2025. Officially, PwC justified this disengagement by a "strategic review" of its network structure and long-term vision in certain markets. However, reports have revealed growing internal tensions between PwC's global leadership and its local partners. These tensions were primarily due to strategic distortions with subsidiaries due to the global leadership's desire to "de-risk client portfolios." This led to revenue declines within the African subsidiaries. PwC Global's increased compliance oversight also caused friction. Hiring standards, conflict of interest rules, and audit mandates, previously tolerated under a French-aligned oversight model, became unacceptable under stricter US frameworks. PwC was also reportedly dissatisfied with the balance between the time and money invested in compliance in these countries and the level of profits generated.

2-2- EY's Withdrawal

EY plans to withdraw from French-speaking Sub-Saharan Africa by 2026, a move that will affect 11 countries. The countries specifically mentioned include Cameroon, Côte d'Ivoire, the Democratic Republic of Congo, Congo, Gabon, Madagascar, Chad, Senegal, and Togo.

EY cited several reasons for its withdrawal. Global management cited a "complex business environment," compounded by burdensome tax and administrative regulations, profitability challenges, and declining margins in increasingly competitive markets. Finally, increased governance and transparency risks in some countries contributed to this decision. This withdrawal is part of a broader strategy to refocus on priority markets, particularly English-speaking Africa.

The withdrawal of these firms, part of the global "Big Four" audit and consulting firms, is not simply a business adjustment, but represents a significant shift by major global accounting firms in recent years. This trend reveals a profound rethinking of the expansion and partnership model in the field. Internal strategic changes within the firms, notably PwC's shift to stricter, US-style oversight, highlight the challenges of managing vast international networks in which local, legal, operational, and cultural norms diverge considerably. This indicates that these global firms have now become aware of the level of exposure to their brand integrity and the need for risk mitigation rather than maintaining a physical presence in all markets. This development could herald a restructuring of the global professional services model with the retention of key strategic hubs (such as Nigeria, Kenya and South Africa for PwC).

3. Reshaping the Audit and Advisory Market in Francophone Africa

The withdrawal of these professional services giants from Francophone Africa paves the way for a significant market reconfiguration, presenting both opportunities for the remaining players and challenges for emerging local firms.

3.1. Market Gap and Opportunities for Remaining Global Players

This situation offers considerable opportunities for other major players still present in the region, notably KPMG and Deloitte, which are well positioned to expand their local operations and capture newly available market share. It is worth noting that KPMG is already engaged in a global restructuring aimed at consolidating more than 100 national subsidiaries into 30 to 40 larger economic units by 2026, with the aim of streamlining governance and improving audit quality. Similarly, Deloitte undertook a major overhaul in 2024 to reduce costs and complexity.

3.2. The Rise of Local Firms

The withdrawal of PWC and EY could catalyse the rise of new local entities. Local firms have distinct advantages:

•  Deep Local Knowledge: They have extensive knowledge of local regulations and markets, allowing them to offer more tailored and potentially more competitive services.
• Fewer Regulatory Pressures: Local firms are generally subject to fewer regulatory pressures than global giants, giving them flexibility in their offerings.
• Client Preference: Clients increasingly value proximity, local expertise, and cost control.

However, despite the positioning of local firms to serve national and regional clients, their ability to fully address the complex audit and advisory needs of large multinationals, particularly those with strict global reporting requirements, is not universally recognised. The departure of these "Big Four" members, while creating a substantial market opportunity, could also highlight critical gaps in internationally integrated professional services. The challenge is not limited to replacing departing firms; it is about developing a local ecosystem capable of meeting the sophisticated demands of a globalised economy, which often requires significant investments in talent development, technology, and adherence to international best practices.

3.3. Challenges for Local Firms and the Audit Ecosystem

Local firms, often perceived as less well-equipped for complex audits, may struggle to adapt to technological change due to the associated high costs. However, these firms are increasingly better equipped and have more and more qualified personnel for internal and external audit services in French-speaking African countries. Language barriers in audit work are becoming less of a challenge, especially for Cameroonian firms.
Despite all this, the loss of affiliation with global networks such as PwC and EY could reduce international business flow and multinational referrals for these local firms.

3.4. Implications for Audit Quality and Standards

Historically, the "Big Four" firms have been associated with higher audit quality, leading to less earnings management and more reliable financial statements for listed companies. This gives the impression that their departure would remove this benchmark and the implicit quality assurance they provided. In French-speaking African countries, membership in professional accounting organisations (PAOs) and the integration of international auditing standards into standardisation have increased the capabilities of professionals. Regional directives from WAEMU and CEMAC require the adoption of International Public Sector Accounting Standards (IPSAS), underscoring a desire for alignment with international standards.

The withdrawal of the "Big Four," partly motivated by their own pursuit of stricter global compliance, paradoxically creates a local opportunity for high-quality audit and governance practices in the region. Although local firms have always appeared limited, they now have an immediate opportunity to demonstrate their capabilities in extensive internal controls and adapt to the continuing professional development programs already available in global networks.

4. Strategic Outlook and Recommendations for Local Firms Post-PWC/EY

The withdrawal of PwC and EY from Francophone Central and West Africa represents a pivotal moment, requiring strategic responses from all market players. This situation presents a historic opportunity for local firms to redefine the competitive landscape and establish themselves as key players.

4.1. Regional Consolidation Strategy

The objective is to establish regional entities capable of complying with international standards and ensuring their competitiveness on the global stage. To achieve this, priority actions could include:

• Establishing strategic alliances between local firms in different countries
• Establishing a common pan-African Francophone brand
• Harmonizing methodologies and quality standards
• Creating shared centers of expertise based on specializations

4.2. Differentiating Sector Specialization

The most impacted sectors represent priority areas of opportunity for local firms, whose acquisition requires the implementation of a number of actions.

To strengthen their legitimacy and gain the trust of major clients, it is essential that local firms invest heavily in the continuing education of their professionals, while adopting advanced technological tools to optimize their services. Improving internal governance and ensuring transparency of practices will also serve as major levers for attracting new financial and institutional partners. Furthermore, the gradual integration of ESG (environmental, social, and governance) standards into their offerings will become a key differentiating factor.

Particular attention will need to be paid to supporting local companies in their compliance and transformation efforts to meet the growing expectations of international investors. Finally, the ability to anticipate regulatory changes and offer innovative solutions will ensure the firms' longevity and relevance in this rapidly evolving environment.

Conclusion

The withdrawal of PwC and EY from Central and Francophone West Africa marks a significant turning point in the region's professional services landscape. While driven by internal strategic recalibrations of global firms and increased risk aversion, these departures highlight both the persistent challenges within the local business environment and the growing opportunities for indigenous companies and innovative financial models. The market is on the cusp of a transformation, with remaining global players expanding their footprints and local firms preparing to meet demand, albeit facing hurdles in terms of capacity and international recognition. The broader economic implications highlight a paradox: while departures may signal caution to some traditional investors, the region's intrinsic growth drivers, particularly in the digital and renewable energy sectors, continue to attract significant foreign direct investment. The strategic outlook calls for concerted efforts by local firms to professionalize and collaborate, by multinational corporations to adapt their engagement models, and, importantly, by regional governments and regulators to modernize frameworks, improve transparency, and strengthen governance. This transition period, while challenging, offers a unique opportunity to build a more resilient, localized, and ultimately sustainable professional and economic ecosystem in Francophone Central and West Africa.

1. PwC to Cut Ties With Francophone Africa Units Amid Compliance Rift - Daba Finance, consulté le juillet 21, 2025, https://www.dabafinance.com/en/news/pwc-to-cut-ties-with-francophone-africa-units-amid-compliance-rift
2. PwC risk leads to mass exodus of Francophone Africa - The Corporate Governance Institute, consulté le juillet 21, 2025, https://www.thecorporategovernanceinstitute.com/insights/news-analysis/pwc-risk-leads-to-mass-exodus-of-francophone-africa/
3. EY's Exit Creates $1bn Opportunity in Francophone Africa Consulting Market, consulté le juillet 21, 2025, https://www.ecofinagency.com/news-finances/0707-47570-ey-s-exit-creates-1bn-opportunity-in-francophone-africa-consulting-market
4. Ernest & Young quitte l'Afrique Francophone : un coup dur pour le secteur de l'audit ?, consulté le juillet 21, 2025, https://www.cameroun24.net/blog/?pg=actu&ppg=&pp=&id=69537
5. EY announces its withdrawal from 9 French-speaking African countries as of 2026 - Trovit, consulté le juillet 21, 2025, https://trovit.tn/news/ey-ernst-young-annonce-son-retrait-de-9-pays-dafrique-francophone-a-partir-de-2026
6. Departure of PwC: West Africa still champion of growth - Financial Afrik, consulté le juillet 21, 2025, https://www.financialafrik.com/en/2025/06/16/departure-of-pwc-west-africa-still-champion-of-growth/