Business

‘Cotton industry can earn $98m annually’

NKOMBO KACHEMBA, Lusaka

THE cotton industry’s foreign exchange earnings can be doubled to US$98 million per annum provided the Cotton Act is revised to improve Government’s participation in the sector, the Cotton Board of Zambia has said. Currently the industry, which has about 300,000 farmers, earns US$49 million. Executive director Sunduzwayo Banda said in an interview recently that there is need to revise the Cotton Act to improve Government’s role in the production of cotton. He said the future of the cotton industry is dependent on policy change. “Currently the private sector is driving the industry with low compliance levels because of the lacunas in the current Cotton Act,” Mr Banda said.He also said the production of cotton in the country has drastically reduced from 54 million kilogrammes recorded the previous farming season to this year’s 26.5 million kgs. Mr Banda attributed the reduction in cotton production to farmers, leaving the CLICK TO READ MORE




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