NEW: Zimbabwe’s cotton farmers pocket US$20 million

The Sunday Mail

Online Reporter

COTTON farmers have pocketed a cumulative US$20 million in delayed payments for the 2023 deliveries after they recently received US$1 million from the Cotton Company of Zimbabwe (Cottco).

To date, more than 90 percent of farmers have been paid.

Outstanding payments will, however, be settled in due course.

“Cottco has paid an additional US$1 million towards farmer payments in the week ending March 22, covering almost 90 percent of the payments and leaving a US dollar balance of US$$3,2 million.

“The cumulative total for farmer payments now stands at US$20,5 million,” the company posted on its official handle on X.

Cotton Council of Zimbabwe (CCOZ) chief executive officer Engineer Chris Murove said: “We hope the balance of US$3,2 million will be cleared soon so that contracted farmers can bring all their cotton to Cottco without any reservations, since the 2024 buying season is now imminent.”