US$100m Investment by PwC to Boost Infrastructure, Employment
PwC Africa has bared plans to invest US$100 million in hiring and infrastructure for the region in what it calls an “ambitious growth strategy.”
The investment will focus on building an integrated advisory business and on recruiting an 8,000 additional partners and staff over the next five years.
Last month, PwC acquired PRTM, a global management consulting firm, an acquisition that it said would boost its ”operational strategy, execution and business model innovation.”
Dennis Nally, Chairman of PwC International who was in Nairobi, Kenya to announce the strategy and meet with clients, partners and staff, considered Africa as “an important frontier for economic growth.”
“We believe the regional economy could double by 2020 to nearly US$3 trillion and we are getting a clear signal from our international clients that Africa is an increasingly important market for them,” he said.
“This confidence is supported by our African CEO survey which shows that 69% of CEOs in Africa are very confident of revenue growth over the next three years, compared to 51% of CEOs globally.”
Nally announced three new initiatives to support the firm’s growth plans together with PwC’s Africa Central Territory Senior Partner, Philip Kinisu. The initiatives include the more than US$100 million investment in additional skills and business infrastructure in firms across Africa over the next three years.
There will also be a further integration of PwC firms to provide advisory services across the continent through one Pan African entity.
PwC will boost employment in Africa through the recruitment of 8,000 additional staff and partners. The PwC network will also develop home grown talent and facilitate international mobility across all the service lines.
According to Philip Kinisu, PwC is confident on its future in Africa as it has been in the region for 65 years.
He said PwC is prepared to invest to maintain its “number one position.”
“We also want to make sure we continue to provide value to our clients in Africa. Their needs are evolving as they look to transform their businesses in response to changing demographics, consumer tastes and competitor behaviour,” Kinisu said.
PwC’s US$100 million investment will be staggered over the next three years and spread across key markets in Africa. It will be targeted at recruitment and enhancing business infrastructure – including new technology and expanded office space.
“Our people are our biggest asset and it is no surprise that the majority of our investment will go towards recruiting additional skills, across our assurance, tax and advisory businesses. Our focus will be on developing deeper industry expertise in relevant markets across Africa,” Nally said.
From 1 January 2012 PwC’s new Pan African Advisory business will bring together the transactions, strategy, operations, HR, financial and IT consulting teams in East, West, and Southern Africa into a single business unit. A new executive team for the PwC African advisory firm will be appointed.
“We see clear advantages in delivering our advisory services through one regional operating entity. Our transactions and consulting work with clients is increasingly cross-border and requires a broad range of disciplines and expertise,” Kinisu noted.
“At the same time, all our clients are telling us that they want to access skill sets from different countries to complement their local teams.”