Government has made indications to review the producer price of soya beans, a development widely expected to encourage intensive production of the crop and limit pressures to import the commodity from other markets.
It’s a development widely expected to incentivise farmers and motivate them to improve on production output which currently is a far cry from meeting the requirements of the domestic market.
Annual production is hovering at a minimal 40 000 metric tonnes against a national requirement of 340 000 metric tonnes creating a huge deficit that has been covered through imports from the Zambian market.
Apart from the import pressures on foreign currency, there are also issues where the market is emphasizing on value addition which means Zimbabwe will only be able to import the resulting by-products, creating another vacuum for crude oil.
To plug this gap, there are strong considerations to review the current price of soya beans as revealed during an indaba hosted by the Oil Expressors Association of Zimbabwe in Harare today.
This should however be accompanied by enhanced efficiency by farmers to increase output per hectare.
The sector said it stands ready for investments into one of their critical components, that is irrigation facilities.
Currently a local financial house has provided substantial amounts which the industry hopes to utilise to procure the crop from farmers.
Improving on the yield production of soya beans is envisaged to cut on the import expenditure currently incurred amid indications that a technical committee is now in place to explore other possibilities to supplement supplies through sunflower and groundnut seeds.