Oliver Kazunga, Senior Business Reporter
THE Reserve Bank of Zimbabwe says $26,6 million of the $29,3 million five percent export incentive scheme introduced last year has so far been paid to tobacco farmers who delivered their crop in the 2016 marketing season.
In November, the apex bank disbursed $29,3 million as an export incentive to tobacco farmers that submitted their banking details through the Tobacco Industry and Marketing Board.
The five percent export incentive was being awarded to incentivise farmers to increase the crop’s output as well as promote financial inclusion.
In a statement yesterday, Reserve Bank of Zimbabwe Governor Dr John Mangudya said:
“The bank is pleased to advise that a total of $26,6 million representing 90,8 percent has so far been paid to tobacco growers through banks.”
During the 2016 tobacco marketing season, 65 829 growers who sold their crop worth $586,9 million and had bank accounts, were eligible for the five percent export incentive.
He said a balance of $2,7 million, representing 9,2 percent, has not yet been credited to the tobacco growers’ bank accounts.
This was among other reasons because of submission of invalid bank account information to TIMB, mismatch of account names as well as accounts having become dormant.
“In order to ensure a smooth transition to the 2017 tobacco marketing season and efficient administration of the five percent export incentive scheme, tobacco growers that have not yet accessed the export incentive through their banks are urged to contact TIMB and their respective banks to correct or regularise their banking details,” he said.
Dr Mangudya said the Central Bank in conjunction with other banks was refining the present framework to ensure that tobacco growers promptly access the five percent export incentives during the 2017 tobacco marketing season.
Meanwhile, latest figures from TIMB show that the number of tobacco growers has this farming season increased by 15 percent to 81 301 as of January 13.
During the same period last year, 70 412 farmers had registered to grow the golden leaf across the country.
The 2016/17 farming season has so far recorded 14,283 new growers with a total of 91,805 hectares having been put under tobacco.
— @okazunga