Reserve Bank of Malawi governor blames high maize prices on panic buying

Reserve Bank of Malawi (RBM) governor Daliso Kabambe has blamed the high maize prices to panic buying, saying the grain scarcity rumour mongers are pushing the prices up.

Kabambe: Panick buying

He said in addition, some maize traders are buying the maize in large quantities and hoarding it in anticipation of maize scarcity so that they could in return sell it at very high prices.

Kabambe said if unchecked, this can trigger high inflation rate, saying food is one of the great catalysts of inflation.

“However, the ministry of Agriculture, Irrigation and Water Development says there is enough maize stocks in state grain reserves so there is no need to panic,” said Kabambe.

Secretary for the ministry of Agriculture, Irrigation and Water Development Grey Nyandule Phiri said the country has more than enough maize stocks.

“Some traders are buying the maize to sell in neighboring countries of Zambia, Mozambique and Zimbabwe which have maize shortages,” said Phiri.

He said some parts of the country were affected by floods and drought but said this did not affect the overall food production across the country.

The country harvested more than 3 million tonnes of maize this year as opposed to last year’s maize production of 2.6 million tonnes.

Follow and Subscribe Nyasa TV :

Sharing is caring!

0 0 vote
Article Rating
Follow us in Twitter
4 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
Jeni Answer Agonistes

All these problems is because of Jane. Today is maize. Tomorrow will be ballots. We have to do something about Jane.

Pewani
Pewani
1 year ago

Where did the government get it’s figures? I never revealed to any govrnment official about how much I have harvested.

vikhumbo
vikhumbo
1 year ago

guys ulimi umawawa, the maize prices should be raised. zolowa like fertilizer, labour etc is a lot ine ngati mulimi I know

TOSH
1 year ago

NAWENSO KABAMBE USATINYASE WAMVA USAKHALE NGATI NYASI ZIMENE ZIKUCHITIKA KU RBM SUKUZIONA

shares
Read previous post:
For how long will Jane Ansah hold on?

It is undeniable fact that since the national wide demonstrations started last month against Malawi Electoral Commission  (MEC) Chairperson Jane...

Close