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.
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.
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 exit of multinational firms has left a void in the market, which local companies are struggling to fill. In Zimbabwe, some large corporations, including retail giants OK Zimbabwe and Delta Corporation, have had to streamline their operations by closing less profitable branches and focusing on core business areas.
Smaller enterprises, often the backbone of Zimbabwe’s economy, have also faced significant challenges, including limited access to foreign currency and rising operational costs. Despite these difficulties, some local businesses have shown resilience, adapting to the harsh environment by diversifying their offerings and embracing digital platforms.
The departure of global firms has sparked debates about Zimbabwe’s ability to attract and retain foreign investment. Analysts argue that significant policy reforms are needed to stabilise the economy and create a more business-friendly environment.
Meanwhile, 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.
Zimbabwe’s economic challenges are exacerbated by high inflation rates and dollarisation, which have eroded consumer purchasing power, and inconsistent government policies that deter foreign investment. The lack of access to international markets and capital further complicates the country’s recovery efforts.
As PwC exits Zimbabwe, the spotlight is once again on the need for bold economic reforms to restore investor confidence and revive the struggling economy. Until then, the country’s business landscape will likely remain a challenging environment for both local and international firms.
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