GRAIN Marketing Board (GMB) has settled all outstanding United States dollar (US$) and local currency (ZiG) payments for the 2024 wheat intake, positioning itself for this season’s anticipated increase in wheat production.
GMB Chief Executive, Dr Edson Badarai, confirmed this development in a recent update on grain payments.
“GMB has received ZiG 69,997,798 from Treasury, which has enabled the clearance of all outstanding obligations for wheat deliveries.
“Of this amount, ZiG 57,102,258 was allocated towards settling farmer obligations for current cereals deliveries. GMB remains dedicated to collaborating with farmers to achieve grain self-sufficiency in Zimbabwe.”
The GMB is offering US$450 per tonne for wheat, with a premium grade price of US$470 per tonne.
The parastatal is procuring wheat financed under the Presidential Input Programme (PIP) and from self-financed growers. Self-financed farmers, however, have the option to sell their produce to the most advantageous buyer.
GMB serves as the buyer of last resort and is partnering with the Zimbabwe Mercantile Exchange (ZMX) to provide commercial warehouse receipts services to industry stakeholders.
Contractors are expected to repurchase contracted wheat at prevailing market prices.
