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President Kibaki with PwC chair Dennis Nally
President Kibaki with PwC chair Dennis Nally

Kenya

PwC injects Sh9b in growth

NAIROBI, Kenya, Jul 18 – PricewaterhouseCoopers (PwC) has announced a Sh9 billion investment, as part of its growth strategy over the next five years in Africa.

Speaking while making the announcement, PwC’s Chairman and CEO, David Nally said some of the funds will go towards the improvement of human resource and infrastructure.

“The investment will be targeted at recruitment, and major investments in new technology.

Over the next five years, PwC firms in Africa will double in size, adding another 8,000 staff and partners will further integrate their advisory services to provide our clients with consistent seamless services in a single Pan- African organization across the continent,” Mr Nally stated.

The firm says investment was informed by the growth opportunities in Africa, but PwC’s Africa Central Territory Senior Partner, Philip Kinisu says more needs to be done to lower the cost of doing business in the continent.

“The business environment in Kenya and other African countries will continue to improve we believe. Naturally, the company will be attracted to an environment where the business environment is more conducive and where policies are implemented which continue to reduce the cost of doing business for investors,” Mr Kinisu affirmed.

He added that 60 percent of CEO’s in Africa are confident of the growth potential for the continent, compared to 51 percent globally.

Mr Nally also stated that Africa was an important frontier for economic growth. He said research the company undertook last year shows the continents economy could double by 2020 to nearly three trillion dollars and that international companies are looking to start basing headquarters in the country.

Beverage manufacturer Coca Cola has set up their regional headquarters in the country, with other international companies such as financial services provider HSBC doing the same in a couple of months.

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From January next year 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.

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