All is not well at the Cotton Company of Zimbabwe (Cottco) as it is operating without a board of directors and top executive management, a development stakeholders say is now affecting accountability.
The absence of a board at Cottco for the past two years is threatening the viability of entity which is a source of livelihood for over 400 000 families in rural areas countywide.
Cottco has raised alarm over the delays by the relevant authorities to appoint a board.
“Two years without a board for a strategic company like Cottco is unacceptable, we call upon the Minister of Agriculture to constitute as a matter of urgency,” said Cotton Council of Zimbabwe president Paul Mangwana.
The Zimbabwe National Cotton Association weighed in saying the absence of Cottco board is worsened by the suspension of top management which calls for government to urgently appoint someone in acting capacity to fill the gap.
Cottco board was dissolved in November 2016 as government expressed dissatisfaction over the performance of the board.
Last week the company’s Managing Director Pious Manamike and other two managers appeared before the courts on allegations of swindling the company over US$2 million in foreign currency.