GMB owes wheat farmers US$35m
THE Grain Marketing Board (GMB) owes an estimated US$35 million to wheat farmers, amid fears that further delays may derail preparations for the forthcoming winter cropping season.
Payment delays were likely to be compounded by Zimbabwe’s recent introduction of a new currency, which has triggered a payment gridlock across markets.
The central bank introduced Zimbabwe gold (ZiG) last week on Friday. The ZiG notes and coins will come into circulation on April 30.
GMB, which is Zimbabwe’s grain buyer of last resort, is among many companies currently fine-tuning payment systems, as Zimbabwe migrates to the new currency, officials said.
Last season, the government set the maize and traditional grains producer prices at US$335 per tonne, with a split payment of US$200 in foreign currency plus US$135 payable in the local unit at the prevailing interbank rate.
GMB chief executive officer Edson Badarai told the Zimbabwe Independent that the parastatal was working on modalities to pay the farmers.
“GMB has fully paid for delivered summer crops (maize and traditional grains). GMB urges farmers whose payments have not reflected in their bank accounts to approach any nearest depot and have their query resolved within seven days,” he said.
