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Zimbabwe s tobacco booms, but Black growers complain of debt
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Zimbabwe s tobacco booms, but Black growers complain of debt
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Zimbabwe s tobacco booms, but Black growers complain of debt
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Staff Reporter
THERE are growing fears that earnings from tobacco, which remains touted as the country’s second single largest foreign currency earner after gold’s net export proceeds, might be far less in foreign receipts compared to other commodities because most of the contract schemes are sponsored using offshore funds.
According to the state media, reports say after export, most of the proceeds remain offshore in the hands of funders and the country benefits less since it’s just a production platform. The central bank is on record that the country earns an average US$800 million from tobacco annually, but the huge amounts of money running into billions realised after value adding the cross as it circulates in global value chains is not enjoyed in Zimbabwe.
During South Africa’s strictest national lockdown, a ban on alcohol and tobacco fanned the fires of a large and lucrative black market for cigarettes. The South African National Treasury data show the government lost R9.5bn in alcohol and tobacco taxes in the first four months of the 2020 fiscal year. A report funded by the country’s Tobacco Institute showed that two years before the ban, the country already had one of the world’s largest illicit markets for tobacco products. In December last year, a SARS official and two accomplices were charged with corruption and defeating the course of justice over a seized truck and contraband, which was allegedly cleared to pass over the Beitbridge border crossing from Zimbabwe. The contents of that truck were estimated to be worth R10m. On Sunday, more Remington Gold cigarettes were seized, this time the load was worth R13m. Tax Justice SA founder Yusuf Abramjee says the bust is proof of the findings released in a report by Ipsos, which