Zimbabwe to earn half a billion dollars from tobacco

Zimbabwe is set to breach half a billion US dollar revenue from tobacco sales in less than three months.

The country has seen 40% increase on sales compared to the same period last year.

The crop continues to boost foreign currency earnings for the country’s economy.

“The tobacco marketing season has also recorded good results, with a total of over 152.8 million kilograms having been sold to realise more than US$415.8 million, compared to the 124.5 million kilograms sold for US$296.9 million in 2020. The country’s average prices at us$2.72 per kg remain firmer than those prevailing in the region,” said Monica Mutsvangwa.

To date, the country has earned more than US$436 million from 159 million kilograms sold since the beginning of the current selling season which kicked off in April.

Authorities estimate that the country will produce more than 200 million kilograms of the golden leaf in 2021.

However, for the majority of the more than 150 000 small-scale farmers who grow the crop, the rewards are not being enjoyed. Many complain they are in serious debt and are failing to service their loans from banks.

The current system is benefiting the middleman, but leaves most of the farmers in dire straits.

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