Tobacco auction system rebound

By ZBC Reporter
THE Golden leaf Auction System is set for a 30 percent rebound as the Tobacco Industry and Marketing Board mobilises funding to ensure small scale farmers produce returns.
Tobacco industry and marketing board -TIMB Chairman Mr Patrick Devenish has revealed plans to mobilise funding for farmers to produce 30 percent of the golden leaf and boost the auction system which has over the years been overshadowed by contract farming.
“We need competition in the tobacco sector, auction system has to be revived and we are mobilising funds to at bring a 30 percent rebound to the auction systems. We are engaging financial institutions to get the fund so we hope this will work to bring back auction system,’’ said Patrick Devenish, TIMB Board Chairperson.
Mr Devenish expressed satisfaction over the smooth flow and pricing matrix at the ongoing tobacco sales.
“We have a good season, with average price hovering over 2.60 US$, farmers are happy and we hope that the targets of 200 million kgs is achievable,’’ he said.
The tobacco auction system suffered a huge blow as 96 percent of the golden leaf is now being grown under contract farming but tobacco marketing experts believe the revival of the old system is more viable and protects farmers from manipulation.

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