Macadamia farmers rue funding challenges

Zim Now Writer

Macadamia nut framers in the country are struggling to access funding with the secretary general of the Macadamia Association of Zimbabwe, James Maisiri saying they had hoped to get their share of the Special Drawing Rights (SDRs) allocation of US$961 million to Zimbabwe by the International Monetary Fund to help economies recover from the effects of the Covid-19 pandemic.

This comes as government recently launched US$30 million Horticulture Export Revolving Facility, which is supposed to be the sector’s allocation.

Maisiri said despite the macadamia farmers’ potential to generate foreign currency through exports of the lucrative crop “all the engagements with relevant authorities have not been helpful”.

“We made our submission to the Horticulture Development Council in Harare but did not get the attention we had hoped. It appears they are focusing on flowers but we believe as macadamia farmers, we have the potential to grow the country’s exports but we are lacking funding,” Maisiri said.

Maisiri said the farmers also directly approached some of the banks appointed to administer the facility but the conditions “are tough for the majority of our members.”

While launching the facility recently, Finance and Economic Development Minister Mthuli Ncube said the Horticulture Export Revolving Fund had the potential to close the funding gap and spearhead increased productivity and finance bankable projects with a focus on value addition.

“Through the risk sharing and co-financing model, banking institutions shall conduct their normal credit assessments and due diligence.

“To this end, the Government, Reserve Bank of Zimbabwe, FBC Bank, NMB Bank, CABS Bank and the AFC Land and Development Bank have signed the Memorandum of Agreement and Term Sheet for the Horticulture Export Revolving Fund,” Ncube said.

Zimbabwe had witnessed a huge appetite for macadamia nuts production in Chimanimani and Chipinge districts in the Manicaland Province lately, but this is being hampered by lack of funding and poor prices, forcing farmers to switch to growing other crops.