TOBACCO MARKET TO CLOSE ON SEPT 18th – Malawi News Online
The Tobacco Commission has informed that the tobacco market will close on 18th September. Meanwhile, the green gold market has been sold $209.95 million from 142.82 million kilograms (kg) of the green gold at an average price of $1.47/kg as at August 21 2019.
According to a letter addressed to TC Chief Executive Officer, Kayisi Sadala, said the Limbe, Chinkhoma and Mzuzu Auction Floors would close on September 13, with the Lilongwe Auction Floors closing on September 18.
“The commission would like to advise growers who produced more than the allocated quota that quota uplifts for such excess tobacco will be on Saturday, 7 September 2019, in all the commission’s division offices.” says the letter.
Sadala has also urged tobacco buying firms to ensure that they meet their contract obligations with growers and support the entire market to its end. The Tobacco Industry Act, among other things, stipulates that “where a grower willfully produces excess tobacco in contravention of his production quota or the contractual agreement with his buyer, as the case may be, the [Tobacco] Commission shall uplift the grower’s production quota and collect three quarters of the proceeds of the excess tobacco and remit the remaining one quarter to the grower”.