Like the ongoing development of South Africa and its people, PwC's story is one of growth and change spanning more than a century. The firm’s journey began in the mid-1800s when PwC’s founding firms were established in the United Kingdom and United States. These early pioneers laid the groundwork for what would become a global network of professional services firms.
As our country celebrates Heritage Month, we reflect on our firm’s history and its place in South Africa's business landscape. Like the ongoing development of South Africa and its people, PwC's story is one of growth and change spanning more than a century.
The firm’s journey began in the mid-1800s when PwC’s founding firms were established in the United Kingdom and United States. These early pioneers laid the groundwork for what would become a global network of professional services firms.
In 1921, PwC's roots took hold in South Africa as Price Waterhouse opened its first head office in Johannesburg. This marked the start of the firm’s long-standing presence in the country—a presence that would continue to grow, contributing to driving cultural diversity, championing transformation, and making a meaningful impact on South Africa’s economy and its people.
Over the decades, PwC’s story has unfolded through key events that have shaped the firm. From our earliest predecessors to the continent-wide professional services consultancy we know today, each milestone has played a crucial role in our development. The timeline that follows charts this journey, highlighting the mergers and expansions that have deepened our roots in South Africa, while extending our global reach.
A century of growth and transformation
PwC South Africa's journey from a Johannesburg head office to cementing itself as a key player in a global network mirrors our nation's own evolution. Over the past century, we have navigated economic shifts, political changes and technological revolutions.
PwC’s evolution in South Africa has been underpinned by several mergers. In 1990, Coopers & Lybrand merged with Theron Du Toit (to become Coopers Theron Du Toit), which was once one of the largest audit firms in Africa. Also notable was that South Africa’s first ever black chartered accountant, Wiseman Lumkile Nkuhlu, was an audit partner at the established South African firm WiehahnMeyernel, a legacy firm that merged with Price Waterhouse in 1991.
Today, the firm’s community of solvers has grown immensely. We have a presence in more than 32 African countries, with more than 10,000 professionals across the African continent. Our people are more diverse and skilled, enabling us to meet the ever-changing needs of our clients and society, and this growth reflects our global strategy, The New Equation, which is focussed on building trust and delivering sustained outcomes in an environment of constant change.
While expanding globally, we have maintained our African identity through our Our Humanity strategy. This unique strategy allows us to blend international best practices with local insights and respond to the challenges presented by the uncertainties of today. To ensure our growth path continues, our strategies are informed by our understanding of the five global megatrends: climate change, technology disruption, demographic shifts, a fracturing world and social instability. Organisations operating in today’s complex business operating environment have to work actively and consistently to address the effects of these megatrends in order to remain competitive and resilient.
A legacy of adapting, innovating and making a difference
To us, diversity and inclusion aren't just ideals—they're a reality. As the successor to Dion Shango, who is now PwC’s Africa Territory Senior Partner, I have been leading the South Africa firm as its first woman CEO since 2019—a testament to our commitment to transformation at the highest levels. With 59% women representation in our South African workforce and 32% women ownership, we are also setting a powerful example of what an inclusive, equitable workplace can achieve. We prioritise creating an environment where people of all backgrounds feel valued and empowered to reach their full potential as diverse teams lead to better decision-making and more innovative solutions. Since 1994, aligned with our purpose of building trust in society and solving important problems, we have had thousands of chartered accountants qualify through PwC. These professionals are making significant contributions to both the South African and global economies.
Every year, we increase the number of people and organisations we meaningfully impact through various initiatives spearheaded by the firm. There are many I can mention, however three that stand out for me are the 4,302 women who have graduated from the Faranani Rural Women’s Training Initiative (a business-focused course that upskills women from disadvantaged backgrounds) since its inception. More than 70% of these women have been able to increase profitability in their businesses, create sustainable jobs and contribute to the country’s economy.
Another initiative that I am extremely proud of has been the upskilling of more than 30,000 youth since 2020 through our partnerships with UNICEF and Generation Unlimited. Through various projects, many of these youth have been able to access digital resources and upskill themselves in areas of Science, Technology, Engineering and Mathematics. This has enabled them to further their education and gain meaningful employment.
In addressing the important problem of youth unemployment, the firm also launched its South Africa Technology and Innovation Centre (SATIC) in July last year with the aim of employing newly qualified youth who often experience challenges entering the workforce. By the end of October 2024, almost 220 youth will be permanently employed at SATIC (49% of which are female; 51% male, and 92% are African, Coloured and Indian). Many of these initiatives are guided by our societal purpose which involves using our business skills, knowledge and the tools at our disposal to promote greater opportunity for all in the areas we are certain we can make a difference.
PwC’s history in South Africa displays our ability to adapt and innovate to meet the changing needs of our clients and our country. As I reflect on PwC's history, I am reminded of our humble beginnings in Johannesburg over a century ago and the journey we have walked to reach our position as a leader in professional services today. The timeline of our history is more than just a series of dates and events —it's a record of the resilience, adaptability and innovative spirit that have defined both PwC and South Africa.
As we celebrate Heritage Day, we honour our past with pride and look forward to an even brighter future. The lessons learned and the relationships forged over the decades continue to guide us as we face new challenges and opportunities in an ever-changing world. As we look to the future, we remain committed to playing our part in building a stronger, culturally diverse, more prosperous South Africa for all—and challenge others to do the same.
* This article has been authored by Shirley Machaba, PwC South Africa CEO and PwC Southern Africa Regional Senior Partner.
