Unsold Tobacco Poses Risk to Malawi's Economy
Despite the Tobacco Commission's extension of the marketing season, over four million kilogrammes of tobacco remain unsold at Mzuzu Floors.
According to sources, this unsold tobacco is worth an estimated $9.84 million (about K17.2 billion) based on the year's average price of $2.46 per kg.
- More than four million kg of tobacco are yet to find buyers at Mzuzu Floors.
- Additional volumes are believed to be idle in farmers' homes, unaccounted for in official statistics.
Farmers say they are in crisis, having taken loans to finance production and now facing debt and despair as buyers withdraw and prices fall.
Chitipa-based farmer Hazwell Chikakuda, leader of the Kwacha na Kulya Club, reported that his group has been stranded since July.
Author's summary: Malawi's economy faces a blow due to unsold tobacco worth K17 billion.
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