Staff Reporter

The Cotton Company of Zimbabwe (COTTCO) is in earnest preparations for the 2022/2023 season as it mobilises funds for farmers, the Harare Post has learnt.

A source from COTTCO informed this publication that the parastatal was in the process of mobilising funds for the payment of farmers in this current season.

“COTTCO is in the process of mobilising funds for the payment of farmers in the upcoming 2022/2023 farming season. The parastatal is engaging lint customers so as to get funding of about US$ 18 million which is suffice to clear the outstanding payments to farmers amounting to about US$580 000 for the 2021/2022 crop,” said the source.

The same source further indicated that the 2022/2023 farming season would see farmers being paid eighty five percent in United States Dollars, while the expected maximum yield is about 110 000 metric tones.

“The maximum expected yield from the 2022/2023 summer crop of cotton is 110 000 metric tons and the minimum expected yield is 90 000 metric tons. This will see the lowest grade D fetching US$0.40 per kg, while grade A will be sold at US$0.46 per kg.

“Farmers will be paid eighty five percent in United States Dollars and the remainder in local currency at the prevailing interbank rate,” said the source.

Meanwhile, the agriculture sector continues to contribute more foreign currency as the current tobacco marketing season has reached new market levels as at least 44.5 million kilograms of tobacco have been sold so far as at 4 April valued at US$133.8 million.