Zimbabwe tobacco sales hit US$100 million

Rudo Boka

THE Tobacco Industry and Marketing Board (TIMB) has revealed that the golden leaf has raked in over 100 million United States dollars since the Auction floors opened at the end of April.

According to the data from the TIMB, prices are averaging between Four and Over Five US Dollars per kg.

The TIMB revealed that the contract market has continued to dominate the sales, with the bulk of the commodity having passed through contract farmers.

However, it is the payment modalities that are under scrutiny as growers call for the review of the current exchange rate regime.

Tobacco Association of Zimbabwe (TAZ) President, Mr George Seremwe says a favourable exchange rate will enable the growers to offset high costs of inputs.

“It is all about the need to improve profit margins that are of greater importance as we seek to unlock value in terms of returns and earnings,” he said.

Tobacco is one of the key foreign currency earners in Zimbabwe and also a key enabler on employment creation. – ZBC