The Agricultural Marketing Authority (AMA) says their revenue for the 2016 financial year declined by 37 percent owing to drought challenges but anticipates it will increase this year due to good rains and government’s support.
With a yield of 1.6 metric tonnes expected under command agriculture programme and the existence of statutory instrument 64 of 2016 the agriculture economy is poised for growth though liquidity challenges are making it difficult for the agro industry to import critical inputs.
Speaking to the ZBC News after presenting financial statement for the year 2016 in the capital, AMA acting board chairman, Mr Berean Mukwende said last year they recorded a decrease in revenue however prospects are high that their revenue is likely to double this year.
AMA acting chief executive officer, Mrs Nancy Zitsanza said despite the challenging economic climate in 2016 the authority achieved a surplus of more than US$500 000.
She said cotton sector experienced the lowest production this season and they are also expecting a bumper harvest that will unlock the economy and create employment.
The government continues to invest in the agriculture sector as shown by a number of programmes which includes command agriculture and Presidential Input Scheme.
This year the government also came to rescue the cotton industry by injecting US$36 million through provision of free inputs to farmers.