Grain Farmers To Get 30% Of Payments In US Dollars

The Government has announced that farmers who deliver grain to the Grain Marketing Board (GMB) will get 30 per cent of their proceeds in US dollars and 70 per cent in Zimbabwe dollars.

In a statement, Finance and Economic Development Minister Mthuli Ncube said the US dollar payment will be calculated at the prevailing willing buyer willing seller rate. Said Ncube:

In the quest to incentivise farmers and encourage early deliveries of maize and other grains to the Grain Marketing Board, the government has taken the decision to pay the maize farmers 30% of the amount due on grain delivered in United States Dollars and 70% in domestic Zimbabwe dollars.

The US Dollar payment will be calculated at the prevailing willing buyer willing seller rate published by the Reserve Bank of Zimbabwe on the date of delivery.

The payments will be backdated to the date of the first deliveries of this season’s maize to GMB.

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Recently, the Government increased the producer price for maize and traditional grains to ZWL$75 000 per tonne.

Previously, the floor producer price of maize was ZWL$58 553 while that of traditional grains was ZWL$70 263.90.

Ncube also said the Government has resolved to reduce import tariffs on basic commodities to enable citizens to access affordable basic commodities from other countries. He said:

To further ensure that citizens have access to affordable basic commodities, in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures. This is with immediate effect.

Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.

Meanwhile, responding to the new measures announced by Ncube, award-winning journalist and Government critic, Hopewell Chin’ono said the interventions are too little, too late. He tweeted:

Woke up to get some water and boom, there is another @MthuliNcube mid-night economic statement online.

Cornered with economic laws that can’t be rigged, the regime is now issuing economic statements at night to fix what should have been dealt with via reforms. The horse bolted!

On Saturday last week, President Emmerson Mnangagwa banned banking lending resulting in businesses suspending credit to their clients. RBZ Governor John Mangudya said the move is temporary.

More: Pindula News