…Vendors slash down maize price
Agricultural Development and Corporation (Admarc) is in danger of failing to repay the loan obtained from Preferential Trade Area (PTA) bank to buy maize.
The development follows the high price set by Admarc for citizens to buy the staple grains in its depots in comparison to prices set by vendors.
For the past months vendors have been selling a bag weighing 50 Kilograms (Kgs) at K11,000 while Admarc is selling the same bag K12,500.
A survey by local media has disclosed that the staple grain has further gone down in the capital Lilongwe, with vendors selling a 50kg bag at a maximum price of K9,000.
Speaking on the local press, one vendor, Arnold Mtambe disclosed that the price might further go down in the coming weeks due to high expectations that people are to have bumper harvest.
“People have seen that they are likely to have good yields for this season and we are just selling so that we can prepare for the next marketing season,” said Mtambe.
Some vendors have disclosed that the slash down has been due to distribution of maize in rural areas to hunger stricken people.
A controversial debate sparked in Malawi Parliament last year when opposition legislators took to task the agriculture minister George Chaponda on the high price of maize by Admarc.
The lawmakers argued that the price was not affordable to rural citizens of the country.
However the minister responsible Chaponda said Admarc is selling the maize at K12,500 to recover money amounting to USSD50 million from the PTA.
Admarc Chief Executive Officer (CEO) Foster Mulumbe said the grains were bought at a high price from neighbouring country Zambia.