Stay updated with breaking news from ரோட்னி அம்ப்ரோஸ். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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. ....
Agriculture on recovery path despite challenges BY Taurai Mangudhla ZIMBABWE should enjoy a decent harvest for all crops in the current season due to good rains that have been consistent in the past few weeks, farmers’ organisations say. A good harvest for cereals would ease pressure on the national purse which has been strained by maize and wheat imports. Zimbabwe, with over half of its population food insecure, is spending around US$46 million a month on imports of cereals and crude oil, according to latest central bank figures following years of successive droughts and reduced production by farmers due to lack of capital. ....
TIMB allays fears of price manipulation Martin Kadzere The Tobacco Industry Marketing Board (TIMB), an industry regulator, has allayed fears of price manipulation by merchants during the 2021 marketing season owing to the potential collapse of the auction system. TIMB chief executive officer Dr Andrew Matibiri told The Sunday Mail Business that the auction system would be maintained this season despite expected low volumes of the free funded crop, as many farmers would likely be de-registered from contract schemes after some of the merchants failed to provide prescribed minimum funding. The marketing board is currently validating the value of inputs and quantities given to farmers this season to ascertain if contractors complied with required minimum support levels. ....