COTTCO pays out US$1,5 million to cotton farmers

25 Jun, 2024 - 18:06 0 Views
COTTCO pays out US$1,5 million to cotton farmers

The Sunday Mail

Online Reporter

THE Cotton Company of Zimbabwe (COTTCO) has paid a total of US$1,5 million in cash to cotton farmers since the beginning of the 2024 cotton marketing season, according to the company’s latest update.

In addition to the cash payments, COTTCO has also made payments worth ZiG2 million through Ecocash.

Farmers are being urged to submit their correct mobile numbers to facilitate timely payments.

As of June 21, COTTCO had paid out 90 percent of the total amount owed to farmers, with outstanding payments standing at US$2,6 million and ZiG38 million.

“The company is working to settle the remaining balance soon. COTTCO has also paid out ZWL$3,8 million (approximately US$2,7 million) in grade differential payments to farmers,” said Cottco chief executive officer, Mr Rockie Mutenha.

The company’s efforts to clear outstanding payments are ongoing, with farmers eagerly awaiting settlement of their dues.

COTTCO’s prompt payments are a welcome development for the cotton industry which has faced challenges in recent seasons.

The company’s commitment to supporting farmers is expected to boost production in the sector.

 

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