Kenya’s economy seems to have been engaged in reverse gear and is moving at breakneck speed towards the land of the unknown.
As the political class tries hard to convince Kenyans that the “economy is on the right trajectory”, things on the ground are different and the center is no longer holding.
As someone correctly puts it, “you can rig the elections but you can never rig the economy.” With the economy, numbers will always come to the service, they might take time but they finally reveal the truth.
In a period of four months, more than 5,000 Kenyans have been fired from their jobs. Companies are either closing down or cutting down on their workforce as the cost of doing business in Kenya continues to bite.
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Employees at Radio Africa Group have been thrown into a confusion mode, that of not knowing what is coming after the management gave them 30 days notice before declaring an unknown number of journalists redundant.
In an internal memo signed by the Group’s CEO Patrick Quarcoo, the company has cited the downward pressure on total revenue as the main reason for the drastic measure.
“We are five months into our new financial year and we continue to experience downward pressure on total revenue. We are now forced by the changes in the advertising markets to transition from our old media revenue model,” read part of the statement.
The announcement by Radio Africa Group comes a few weeks after K24 send home more than 10 journalists to cut down on the costs due to the high cost of doing business.
The employees at Radio Africa Group are in a similar situation as those in Finlay’s flower farms who have been issued a notice of being fired by the 25th of December. A total of 1,100 employees from the farm are set to be sent parking.