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OpenCOTTCO Owes Farmers US$3 Million
The Cotton Company of Zimbabwe (COTTCO) owes farmers nearly US$3 million for cotton deliveries made between 2022 and 2023.
This was revealed by Lands, Agriculture, Fisheries, Water, and Rural Development Minister Anxious Masuka in response to written questions from legislators during a parliamentary session this week. He said (via NewsDay):
COTTCO is being mindful of the indebtedness to the farmers and engagements with various financiers are underway for facilities to liquidate the outstanding balances.
To date, US$20 917 906 has been paid against a target of US$23 722 509, hence there is an outstanding debt amounting to US$ 2 804 603.
Over the years, COTTCO has faced difficulties in paying for cotton deliveries due to insufficient funding.
Cotton production in Zimbabwe has been declining as a result of several factors, including drought, climate change, low pricing, outdated crop varieties, and delays in payments.
More: Pindula News
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