The Times Group, the company behind Daily Times, Malawi News and Times TV says it has been forced to axe workers by the current economic depression that has hit Malawi which the company says has created a “hostile economic weather” that is “unforgivingly unhealthy” for operations.
“As a business largely propelled by imported raw materials, the depreciation of the dollar from MK450 to MK750 in the last 24 months, has created a hostile economic weather that is unforgivingly unhealthy to sustain our growth drive,” reads part of the statement issued by The Times Group.
The media conglomerate was however shy to confirm reports that close to 60 workers will lose their jobs. “Times Group has taken a decision to resize and reorganize its organizational structure with the view to balance the business sustainability,” said the company in the statement.
As the meltdown continues to sprout its teeth, activists and opposition members have intensified their calls for Mutharika to call it quits, saying he has failed to maneuver the country through a sustainable recovery path.