HARARE (Reuters) – Zimbabwe & # 39; s Agricultural Marketing Authority (AMA) has spent $ 75 million in cereal bills to buy corn from farmers, CBZ Bank's financial adviser said on Monday.
AMA, a government agency responsible for the marketing of agricultural products, will raise the money to buy the grain via the Grain Marketing Board, a separate state entity, CBZ said in a statement.
Grain accounts are bonds that are specifically intended for the purchase of corn and are guaranteed by the government of Zimbabwe.
Zimbabwe's maize production is estimated at 1.7 million tonnes this year, compared with 2.15 million tonnes in 2017, according to the Food and Agriculture Organization of the United Nations. (Reporting by MacDonald Dzirutwe Editing by Edmund Blair)