Fears Tobacco Proceeds Being Channelled To Offshore Accounts

Fears Tobacco Proceeds Being Channelled To Offshore Accounts


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.

Related Keywords

Zimbabwe , Zimbabwean , John Mangudya , Rodney Ambrose , Mthuli Ncube , Ncube , Zimbabwe Tobacco Association , Spread This , Tobacco Industry , Marketing Board , Zimbabwe John Mangudya , Finance Minister Mthuli Ncube , Tobacco Association , Newzimbabwe , News , Trust , Newspaper , Business , Howbiz , Sports , ஸிஂபாப்வே , ரோட்னி அம்ப்ரோஸ் , ஸிஂபாப்வே புகையிலை சங்கம் , பரவுதல் இது , புகையிலை தொழில் , சந்தைப்படுத்தல் பலகை , புகையிலை சங்கம் , எவ்ஸ் , துரு , போர்ட்ஸ் ,

© 2025 Vimarsana