
Accounting Giant PricewaterhouseCoopers Leaves Zimbabwe
Global accounting giant PricewaterhouseCoopers (PwC) has announced its departure from Zimbabwe, effective 17 January 2025.
The move marks the latest instance of an international firm exiting the Zimbabwean market amidst ongoing economic challenges.
PwC, which has maintained a presence in Zimbabwe for decades, stated that it will no longer have any business or established presence in the country after the said date.
However, local partners will continue operations under a newly established firm, Vista Chartered Accountants, which will acquire the business of the entity formerly known as PwC Zimbabwe.
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The decision comes as Zimbabwe grapples with a volatile business environment characterised by hyperinflation, currency instability, and stringent foreign exchange policies, all of which have made it increasingly difficult for multinational corporations to operate in the country.
Accounting Giant PricewaterhouseCoopers Leaves Zimbabwe
PwC’s exit follows the footsteps of other multinational companies, such as Deloitte & Touche, which also left Zimbabwe in 2024.
The challenges facing these firms are not unique to Zimbabwe but are reflective of broader regional economic issues.
In neighbouring South Africa, companies like Unilever and Heineken have scaled down their operations due to declining consumer demand and rising operational costs.
Similarly, Zambia and Mozambique have also seen reduced multinational activity in sectors like retail and mining.
The emergence of local firms like Vista Chartered Accountants, which will take over PwC’s business in Zimbabwe, highlights a growing trend of localisation in the professional services sector.
While this offers opportunities for homegrown companies to flourish, it also raises questions about the long-term impact of losing global expertise and networks.