Layoffs –Tech industry in Kenya is losing more than 200,000 jobs every year, according to a fresh employment survey.
In Africa, Kenya is on the list of top twenty countries with the highest number of layoffs within the tech industry this year 2024.
A report by BestBrokers, a publication that advises traders on the best stock market platforms showed that about 211,033 employees have so far been laid off in 194 companies.
According to the publication, the trend of job cuts was not showing any signs of slowing down, particularly within the technology sector.
The report attributed the companies’ decision to dismiss more workers to economic challenges, high interest rates and rapid advancements in Artificial Intelligence (AI).
In Kenya, the mass layoffs were mainly witnessed earlier this year when one of the country’s leading e-commerce companies dismissed close to 350 workers.
Months after dismissing the employees, the company went ahead to shut down operations citing a change in the market environment and inability to sustain its business in the country.
