Gvt sets soya bean price at $610 per tonne

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Government has set the price for soya beans to be financed under the Presidential Input Scheme during 2017 /18 season at $610 per tonne, 22% higher than the prevailing market price to encourage production of the oil seeds, Agriculture, Mechanisation and Irrigation Development Minister Joseph Made announced yesterday. The development comes at a time when the government is stepping up efforts to grow soya beans, a critical raw material in the production of edible oil, to help meet about 300 000 tonnes of the seed required by the domestic market annually. The Grain Marketing Board is paying $500 per tonne, according to the Agriculture and Marketing Authority while IECT, a local commodities broker is paying $400 per tonne. However, local oil firms are importing the commodity at a much lower price of $370 per tonne. – The Herald, 22 August 2017

The Insurance Institute of Zimbabwe is transforming into a fully-fledged training institution to cater for the dynamic needs of the industry with plans already underway to set up a school in Harare, IIZ president Edward Gomba has said. Gomba said at the IIZ Winter School in Nyanga yesterday that the institute had already secured premises for the school. “The institute has been offering training in collaboration with universities but we have since purchased property in Mt Pleasant where we are going to set up the school. We have also applied for accreditation with the Ministry of Higher Education and Tertiary and we hope that the accreditation will be granted soon,” he said. – The Herald, 22 August 2017

Arise, an investment company that was formed by a partnership between Norfund (a Norwegian investment fund), FMO (a Dutch development fund) and Rabobank (a Dutch commercial bank) has taken over 69.14 mln shares of Norfund and FMO in NMBZ. This makes Arise the second largest shareholder in NMBZ with 17.98% of shares. The largest shareholder in NMBZ is African Century Financial Investments incorporated in Mauritius, which has 18.52% of NMBZ’s shares. Deepak Malik, the Chief Executive Officer of Arise, said: “In taking and managing strategic minority equity stakes in Sub-Saharan African financial service providers, we aim to build strong and stable institutions that will support the mass market, Small and Medium Enterprises (SMEs) and rural communities”. Arise supports the growth and development of African financial service providers, not only through its investments in them but through providing them with technical and management services in the fields of governance, management, marketing, innovation, compliance and risk management. – The Herald, 22 August 2017

Zimbabwe’s leading sugar producer, Tongaat Hullet has reportedly started repossessing over 4 000 hectares of sugar plots invaded by 222 illegal farmers most of them Zanu-PF officials. The latest move comes following President Mugabe’s  recent directive at a recent rally in Masvingo that the illegal farmers should move out in line with the bi-lateral agreement between Zimbabwe and South Africa. According to a letter written by the Secretary for Lands and Rural Resettlement, Grace Tsitsi Mutandiro, to the illegal farmers’ lawyer Mberi Chimwamurombe Legal Practitioners, Tongaat Hullet is going to harvest the sugarcane on the illegal farms’ plots on an average cost and compensation will be based on investments done by the farmers on the crop. The letter from the Permanent secretary is dated August 11, 2017. The affected farmers however, held a meeting on Saturday morning and resolved to reject the compensation. They instead resolved that they should cut down the sugarcane plant and clear the fields for other crops so that they detach themselves completely from Tongaat.– NewsDay, 22 August 2017

Zimbabwe is set to miss the tobacco 200 mln kgs target after farmers delivered 186.3 mln kg of the golden leaf on Day 105 compared to 200mln kg delivered in the same period last year. Figures released by the TIMB last Friday showed that the country’s earnings from sales of tobacco fell 7.26% to a below target $552.8 mln this year. Zimbabwe earned over $590 mln in the previous corresponding period. – Daily News, 22 August 2017

Local banks are struggling to process about $16 mln worth of foreign payments for local bakers, a situation that has affected local production, the National Bakers Association of Zimbabwe has said. The association’s chairperson Ngoni Mazango last week said while the sector was continuously engaging banks over the matter, production at local bakeries was starting to feel the pinch. – Daily News, 22 August 2017

By |August 22nd, 2017|Categories: Headlines|

About the Author:

Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.