mPharma Layoffs

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In September 2023, Ghanaian healthtech startup mPharma laid off approximately 150 employees, including 40 in Nigeria, citing tightening macroeconomic conditions and the devaluation of the Nigerian Naira. The company, which operates across nine African countries and has raised $90 million in funding, made this difficult decision to "right-size" its team as it refocuses on its core Mutti online pharmacy product. Severance packages were provided, with extended health insurance and stock option exercise periods for affected staff. This move aims to streamline operations to continue serving over 200,000 monthly patients through Mutti, amidst broader economic challenges.

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