By Tendai Munengwa
THE cotton marketing season roars into life next Monday, with farmers set to be paid for their proceeds on It looks set to be a cotton marketing season with a difference as farmers who have endured late payments over the past few years will be paid for their white gold on delivery.
In an exclusive interview with ZBC News, Cotton Company of Zimbabwe (COTTCO), Chief Executive Officer, Mr Pious Manamike confirmed that his organisation has secured funds to pay farmers on the spot.
“Yes I can confirm that we are ready to go next week everything now in place – we have reverted back to our old model where all farmers will be paid on delivery. So the farmers we encourage them to desist from side marketing,” said Manamike.
Reserve Bank of Zimbabwe Governor, Dr John Mangudya revealed the new payment model which will see farmers getting US$30 per bale, up from US$10.
“We are happy to announce that farmers who deliver their cotton to Cottco will now receive 30 US$ on the spot per bale and the remainder in Zimbabwe dollars at the prevailing rate,” said Dr Mangudya.
Cotton is one of the country’s strategic crops which is a source of livelihood for more than 500 000 families who have benefited under the Presidential Free Inputs Scheme.
Source: ZBC NEWS