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Wednesday, May 22, 2024

Government’s turnaround efforts bearing fruit

Story by Owen Mandovha, Business Reporter

STATE-OWNED enterprises under the Ministry of Lands, Agriculture, Water, Fisheries and Rural Development have given credit to the government for overseeing their turnaround in a move which is expected to boost production.

Instead of burdening the fiscus through bailouts, state-owned entities under the Ministry of Lands, Agriculture, Water, Fisheries and Rural Development have finally turned the corner, thanks to the government’s strategic reform mechanisms.

The Cotton Company of Zimbabwe (COTTCO), which was saddled by huge debts, says it is now debt-free and playing its role in spearheading the recovery of cotton production in the country.

“The Cotton Company of Zimbabwe has managed to clear its debt which affected its operations for a long time and negatively affected national cotton production. Now it can support farmers through its strong financial position by clearing its debts,” said COTTCO chairperson, Mr Sifelani Jabangwe.

The Agriculture and Rural Development Authority (ARDA), which had hundreds of estates lying idle for years, has made substantial investments to ensure productivity.

ARDA chief executive officer, Mr Tinotenda Mhiko said, “Our renewed strategic focus overseen by the Minister of Lands, Agriculture, Water, Fisheries and Rural Development has transformed the organisation in terms of driving the rural industrialisation policy by way of boosting rural economies. Village gardens in every village across the country are being established to create business units that can generate jobs and revenue for rural communities.”

Other entities include the Agriculture Finance Corporation (AFC) formerly Agribank which was rebranded and restructured into five separate business units to fulfil its strategic role to finance agriculture.

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