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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 <a href="https://www.newsday.co.zw/local-news/article/200032907/cotton-farmers-owed-us3m">NewsDay</a>):
<blockquote>
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.
</blockquote>
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in Zimbabwe has been declining as a result of several factors, including drought, climate change, low pricing, outdated crop varieties, and delays in payments.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: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

COTTCO, a company in Zimbabwe, owes farmers $3 million for cotton deliveries. The Minister said they are working on getting money to pay farmers. They have paid some money, but still owe a lot. COTTCO has had trouble paying farmers in the past. Cotton production in Zimbabwe is going down because of things like drought, climate change, low prices, old crops, and late payments.

COTTCO Owes Farmers US$3 Million

The 2024 cotton selling season is set to run from 01 to 30 June, with consultations on the grade-based pricing system currently underway.
Speaking during the post-Cabinet briefing in Harare on Tuesday, Information, Publicity and Broadcasting Services Minister, Jenfan Muswere, said that cotton farmers will receive 75 per cent of their payments in US dollars and 25 per cent in ZiG. He said:
<blockquote>
Cabinet advises that the 2024 cotton marketing season will be from 1 to 30 June 2024. Farmers will receive 75% of their payments in US$ and 25% in ZiG.
All outstanding payments by the Cotton Company of Zimbabwe amounting to US$2,65 million and 2,8 million in ZiG will be cleared by 31 May 2024.
The grade-based pricing system will be announced once ongoing consultations are concluded.
</blockquote>
The cotton output is expected to be lower than during the 2022/23 season due to the devastating effects of the El Nino weather pattern.
Last week, the Cotton Company of Zimbabwe (COTTCO), said it has paid the US$21 million it owed cotton farmers, with U$323 642 remaining uncollected despite several notices to farmers to do so.
Cotton is one of Zimbabwe’s major agricultural exports but yields have declined over the years due to several factors.
According to the Agricultural Marketing Authority (AMA), the country’s cotton production increased by 67% to 89,6 million kilogrammes during the 2022/23 farming season.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Cotton Marketing Season Set For June

The Cotton Company of Zimbabwe (COTTCO), says it has paid the US$21 million it owed cotton farmers, with U$323 642 remaining uncollected despite several notices to farmers to do so.
In an update, COTTCO urged farmers to visit the designated collection points to collect the payments. It said:
<blockquote>
This delay in voucher redemption is a cause for concern, particularly in this drought year whereby farmers require financial resources to ensure food security.
Farmers are encouraged to visit business units or designated collection points promptly to access their hard-earned payments.
COTTCO remains committed to ensuring transparency and efficiency in the payment process and encourages farmers to actively engage with the company to access their rightful payments without delay.
</blockquote>
In an interview with NewsDay, Cotton Producers and Marketers Association of Zimbabwe chairman Stewart Mubonderi cotton farmers are still owed US$2,8 million by COTTCO. He said:
<blockquote>
COTTCO had paid US$21 million and the outstanding is US$2,8 million which is worrisome as we are facing drought.
</blockquote>
The cotton farmers were initially owed US$23,6 million by COTTCO. The company had been struggling to settle the payments due to a lack of funding. Added Mubonderi:
<blockquote>
The company has to show seriousness as farmers are facing hardships this year, and giving those vouchers will be easier than what is happening.
On the issue of ZiG which they have not paid, that money needs to be paid to farmers. It will be unfair if that money is not paid on time to farmers.
</blockquote>
Cotton is one of Zimbabwe’s major agricultural exports but yields have declined over the years due to several factors.
According to the Agricultural Marketing Authority (AMA), the country’s cotton production increased by 67% to 89,6 million kilogrammes during the 2022/23 farming season.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

COTTCO Says It Paid Out US$21 Million To Cotton Farmers

The Minister of Lands, Agriculture, Fisheries, Water and Rural Development Anxious Masuka said that the Government does not set prices of cotton between growers and contractors.
Masuka said that as for pricing and payment of farmers whose inputs are funded by the Government, a system has been put in place to ensure that both parties benefit.
He was responding to concerns raised by MPs during a Question and Answer session in the National Assembly. Said Masuka:
<blockquote>
The Government does not set prices or conditions fon how to pay. As a Government, we receive from the contractors, the cost of growing cotton in a specific area, like a Pfumvudza plot.
As for the farmers we give inputs to, that is when we state the price that we expect to buy, but the other private contractors agree on the prices they are going to pay.
Government does not go into contracts with farmers. Farmers get into contracts with the private players.
</blockquote>
Masuka said that this year, eight contractors have engaged and entered into agreements with cotton farmers across the country. He said:
<blockquote>
I said we had a meeting with eight contractors or companies that go out there in the rural areas.
Those eight companies will be interacting with the farmers out there in the rural areas that we represent. So, we expect the country to grow a lot of cotton.
</blockquote>
He said that cotton farmers whose inputs are funded by the Government will get a fair return on their hard work. Said Masuka:
<blockquote>
Government is interested in the pricing of cotton so that there is a fair return for the farmers’ efforts.
Last year we introduced a grid-differentiated pricing system that is sensitive to the hard work that farmers had put in and we started at 40c a kilogramme which is comparable to other jurisdictions in the region.
</blockquote>
Meanwhile, the Government recently summoned the Cotton Company of Zimbabwe (COTTCO) officials to explain why the company is delaying paying the US$6.8 million the company owes cotton farmers.
Last month, COTTCO chief executive officer, <a href="https://www.pindula.co.zw/2023/10/21/cottco-owes-cotton-farmers-millions-of-us-dollars/">Priscilla Mutembwa said that efforts were underway to pay all farmers’ outstanding payments</a> before the onset of the 2022/23 summer cropping season.
Mutembwa COTTCO had paid $16.7 million to farmers, out of $23 million owed, adding that the company was working hard to ensure that arrears to its workers were also cleared.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Expects Cotton Output To Increase - Minister Masuka

The Government has summoned the Cotton Company of Zimbabwe (COTTCO) officials to explain why the company is delaying paying the US$6.8 million the company owes cotton farmers, reported <a href="https://www.newsday.co.zw/local-news/article/200019469/govt-summons-cottco-over-us68-million-debt">NewsDay</a>.
Speaking during Parliament’s question and answer session last week, Lands, Agriculture, Fisheries, Water and Rural Development Minister Anxious Masuka said the Government expects COTTCO to clear the outstanding US$6.8 million owed to farmers before the end of this month. He said:
<blockquote>
The government is concerned by the delayed payments, which is why we summoned COTTCO officials to get an understanding of why these delays are persisting when others have almost completed paying their contracted growers.
We take their word as COTTCO that they will be able to make good on the outstanding US$6.8 million to farmers before the end of this month as they are now able to sell the cotton.
We had meetings with companies that help farmers like the Zimbabwe Farmers Union and others, we will be supervising as Government so that farmers get the necessary inputs and are paid early if they deliver their cotton.
</blockquote>
Last month, COTTCO chief executive officer, <a href="https://www.pindula.co.zw/2023/10/21/cottco-owes-cotton-farmers-millions-of-us-dollars/">Priscilla Mutembwa said that efforts were underway to pay all farmers’ outstanding payments</a> before the onset of the 2022/23 summer cropping season.
Mutembwa COTTCO had paid $16.7 million to farmers, out of $23 million owed, adding that the company was working hard to ensure that arrears to its workers were also cleared.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Summons COTTCO Over US$6.8 Million Owed To Cotton Farmers

The Cotton Company of Zimbabwe (COTTCO) says it still owes farmers about 30 percent of payment for deliveries made by farmers last season, reported <a href="https://newziana.co.zw/2023/10/19/cottco-working-to-clear-farmers-debt-official/">New Ziana</a>.
Speaking to journalists recently, COTTCO chief executive officer, Priscilla Mutembwa said that efforts were underway to pay all farmers’ outstanding payments before the onset of the 2022/23 summer cropping season. She said:
<blockquote>
We are trying to improve the production as well as how we can be more prepared to be able to work better with the farmers in terms of input distribution and farmer payments.
We still owe some farmers about 30 percent of the amount that has been delivered which we are currently working on very vigorously with both the Reserve Bank of Zimbabwe and our partner banks as well as the Ministry of Finance.
</blockquote>
Mutembwa said to date, COTTCO has paid $16.7 million to farmers, out of $23 million owed, adding that the company was working hard to ensure that arrears to its workers are also cleared.
She said COTTCO has not yet distributed free Pfumvudza/Intwasa cotton inputs to farmers around the country. Said Mutembwa:
<blockquote>
We have not started the distribution of free inputs, but we have prepared as much as we can; we normally distribute after the end of October, we are also waiting for some of the inputs to arrive, so we are not too late. We are currently working on making sure that we are prepared.
</blockquote>
Some farmers in cotton-growing areas such as Muzarabani and Gokwe have abandoned the crop due to low prices and late payment for their deliveries by COTTCO.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

COTTCO Owes Cotton Farmers Millions Of US Dollars

Members of Parliament have expressed concern with the Cotton Company of Zimbabwe (Cottco)’s inability to pay farmers for their 2022 deliveries, reported <a href="https://www.zimlive.com/mps-flag-cottco-for-paying-farmers-using-groceries/">ZimLive</a>.
The legislators also bemoaned Cottco’s tendency to use groceries to pay farmers for their cotton.
Speaking in the National Assembly last week, Kambuzuma legislator Willias Madzimure (CCC), demanded that the government cotton merchant treats cotton farmers with dignity. Madzimure said:
<blockquote>
The issue of giving farmers groceries and sometimes equipment to use in the fields does not augur well for farmers.
When farmers deliver produce, they are expecting to get their money in cash so that they will then decide on their own what they want to use the money for, instead of them being asked to go to a shop and pick up groceries or implements.
</blockquote>
Gokwe-Kabuyuni legislator Spencer Tshuma (ZANU PF) noted that cotton farmers were now failing to pay school fees for their children.
Responding to the lawmakers, Acting Agriculture Minister Felix Mhona confirmed farmers have been paid using groceries.
He, however, added that farmers were never forced to accept groceries saying it was a voluntary arrangement between the parties. He said:
<blockquote>
I think the time when that was happening was more of a voluntary programme where one would opt to get groceries. Of late, this is not happening.
Where people were actually getting groceries in terms of payment, going forward and as it is now, the government is going to pay farmers their hard-earned money and not in the form of goods.
</blockquote>
Mhona also acknowledged that payments to cotton farmers had been delayed and said the government was looking into the issue to ensure that the farmers are paid.
Finance Deputy Minister Clemence Chiduwa said cotton farmers were owed more than US$28 million. Said Chiduwa:
<blockquote>
Last week but one is when we agreed that in order for us to pay out that money, we are paying US$5 million per week.
So, I expect that in the following week, we will be able to pay all the outstanding money in tranches of US$5 million per week.
</blockquote>

MPs Criticise COTTCO For Paying Farmers Using Groceries

The Reserve Bank of Zimbabwe (RBZ) has increased the foreign currency retention threshold for cotton farmers to 85 per cent for the 2023 cotton marketing season.
Previously, cotton farmers were retaining 75 per cent of their foreign currency earnings. The other 25 per cent was being sold to the central bank at the auction rate.
The RBZ advised the Agricultural Marketing Authority (AMA) of the new development. It said:
<blockquote>
Following the Monetary Policy Statement issued on February 2, 2023, we write to inform you that with effect from the 2023 season, cotton growers shall be paid 85 percent of their sales in foreign currency.
The remaining balance of 15 per cent shall be paid to the grower in local currency through bank transfers at the prevailing interbank market rate.
Considering this measure, cotton merchants shall draw down from offshore and sell 15 per cent of their proceeds to RBZ at the prevailing interbank rate.
The foreign currency payment to cotton farmers shall be net of foreign currency loans accessed for the purpose of financing seed cotton production.
</blockquote>
AMA chief executive Clever Isaya welcomed the development, saying the onus is now on farmers to do their part.
According to a <a href="https://www.sundaymail.co.zw/cotton-farmers-to-retain-85pc-in-forex">Sunday Mail</a> report, the new producer prices for cotton are US46c for grade A, US43c for grade B, US41c for grade C and US40c/kg for grade D.

Cotton Farmers To Retain 85 Per Cent In Forex - RBZ

The Cotton Company of Zimbabwe (COTTCO) says it will pay cotton farmers all they are owed before the start of the next season.
Recently, COTTCO said it had paid ZWL$1 billion and US$9.9 million to cotton farmers, with more than 50 000 tonnes having been paid for.
The producer price for the current marketing season is US$0.30 plus $32 for each kilogramme delivered.
Addressing cotton farmers at the Harare Agricultural show last week on Friday, COTTCO’s acting accounts officer, Munyaradzi Chikasha, said:
<blockquote>
We promise to give you inputs on time so go and prepare. We want to achieve better results next season.
All outstanding payments will be done soon so we are urging farmers to continue with cotton farming next season. Our hope is to have over 400 000 farmers next season.
About 237 000 farmers grew cotton this year compared to 387 000 last year. We appreciate the great effort you are doing in farming.
We urge you to continue doing hard work. We also applaud Government for introducing foreign currency payments to our farmers.
</blockquote>
Cotton Producers and Marketers Association of Zimbabwe president Stewart Mubonderi urged COTTCO to avail farming inputs so that farmers can plant on time. | <a href="https://www.herald.co.zw/cotton-farmers-to-get-outstanding-payments/">The Herald</a>

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