Malawi’s tobacco earnings hit $227 million

The Tobacco Control Commission (TCC) announced on Friday that Malawi has sold a total of 127 million kilogrammes of tobacco, realizing $227 million from the sales since the tobacco market opened in March this year.

However, the earnings are 3 percent below what the country earned the same period last year.

“This is due to softening of tobacco prices globally, and there is limited competition for the low quality ends across types of tobacco,” said Bruce Munthali, TCC Chief Executive Officer.

Munthali: TCC boss

Munthali: TCC boss

Minister of Agriculture Dr Allan Chiyembekeza, who toured the Limbe Auction Floors in Malawi’s commercial capital Blantyre on Friday, attributed the low tobacco prices to high supply of the green gold compared to the number of the buyers.

According to the minister, last year, the country produced low quality tobacco, but the prices were good.

“However, this year the quality has doubled with the same number of buyers hence, poor prices,” said Chiyembekeza.

On his part, Tobacco Association of Malawi (Tama) President Reuben Maigwa described this year’s prices as “very shocking” to farmers, whom he claimed, have incurred loses due to this year’s  poor prices.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From Nyasatimes

More From the World

Comments are closed.