LIVINGSTONE MARUFU
Zimbabwe’s largest financial services provider, CBZ Holdings is offering soyabeans farmers US$ payments for their crop deliveries.
Business Times can report that CBZ through its division CBZ Agro-Yields is paying US$430 per tonne. On the other hand, the Grain Marketing Board (GMB) is offering ZWL$48 000 per tonne. This translates to US$400 using the parallel rate of ZWL$120:US$1 or US$568.7 using the auction rate of 84.4826.
“CBZ Agro-Yield is now offering payment for soyabean in US$ (NOSTRO) .If you deliver to Harare the price will be US$430.00 per ton. In any other depots (Chinhoyi, Glendale, Chegutu) US$ 425.00 per ton,” CBZ said in a letter to farmers.
Several farmers who spoke to Business Times said it was critical for them to get the foreign currency, which will enable them to buy inputs for next season.
“We are going to deliver our crop to CBZ Agro-Yield to earn the elusive foreign currency so that we can buy inputs for the next summer cropping season.
“I’m not going to deliver my soyabean to the GMB this year as ZWL$48 000 per month cannot compete with US$430 per tonne,” Mazowe based farmer Morris Makuwe said.
Agro-Yield, which is a partnership between the bank and government , was established as part of efforts to curb the ever-growing import bill with regards to agricultural produce.
Having locally produced beans will reduce the demand of imported Crude Degummed Soya Bean Oil (CDSBO) lessening the amount of foreign currency used for the purchasing of the raw material.
Government is looking forward to more private sector co-operation to achieve the desired soyabean yield.
The current scheme is restricted to wheat, maize and soya farmers.
Those with irrigation facilities will be prioritised.
