Is Zimbabwe’s Tobacco Farming Success Story Exaggerated?

There are growing fears that earnings from tobacco, which remains touted as the country's second single largest foreign currency earner after gold's net export proceeds, might be far less in foreign receipts compared to other commodities because most of the contract schemes are sponsored using offshore funds. According to the state media, reports say after export, most of the proceeds remain offshore in the hands of funders and the country benefits less since it's just a production platform. The central bank is on record saying the country earns an average U.S.$800 million from tobacco annually, but the huge amounts of money running into billions, is not enjoyed in Zimbabwe. 

InFocus

(File photo).

Follow AllAfrica

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.