Malawi has so far realised $12.513 million since tobacco sales opened in early April, statistics from the Auction Holdings Limited (AHL) have shown.
According to the statistics, as at April 27 2017, 7,493,333 kilogrammes of the green gold had been sold at an average price of $1.67 per kilogramme.
This year, the price of the leaf appears to be a bit better as compared to last year where during a similar period average prices hovered below the $1.5 per kilogramme mark.
Malawi has this year produced 126 million kilogrammes of tobacco against a requirement of 150 million kilogrammes by buyers.
Analysts said they expect the 2017 tobacco season to be better as buyers scramble for the little leaf available on the market.
Speaking when he opened the 2017 tobacco selling season in Lilongwe, President Peter Mutharika warned tobacco buyers against collusion.
Mutharika said tobacco farmers need to get better prices for their leaf.
He expressed hope that the 2017 tobacco marketing season would be smooth and of great benefit to the tobacco growers and Malawians in general.
“My expectations are that you will be running both the contract (IPS) and auction marketing systems side by side on a daily basis. My understanding is that tobacco farmers have already chosen which system they will be patronising this marketing season,” he said.
(Visited 23 times, 23 visits today)
Today’s top business story: Top Commercial Banks In Malawi
- Shoprite confirms it will retrench staff, close shop – - August 11, 2022
- Tikudutsa muzowawa: Escom yapempha kukwezedwa mtengo kwa magetsi – - August 9, 2022
- WhatsApp introduces feature allowing users to silently exit groups – - August 9, 2022