Jun 21, 2018 Last Updated 11:08 AM, Jun 21, 2018
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Malawi Registers Losses At Tobacco Market

Malawi Registers Losses At Tobacco Market Image sourced at manaonline.gov.mw
Published in Capital News
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The country has so far lost MK7.5 billion for the past six weeks due to poor tobacco prices at the Auction Floors.

Malawi has sold over 49 million kilograms, higher than last year’s 27 million kilograms in six weeks.

The average price was however higher at one dollar eighty cents as compared to this year’s $1.95.

This means that the country has so far been losing 21 Cents at every kilogram sold.

Auction Holdings Limited Public Relations Officer Mark Ndipita is however hopeful that prices will improve.

Ndipita says that the average price of tobacco is improving every week hence his optimism.

During the opening of the markets last month President Peter Mutharika urged buyers to offer good prices.

Statistics indicate that revenue from the country’s main forex earner, tobacco has been declining in the past couple of years.

The green gold started facing challenges once the World Health Organisation rolled out anti-smoking campaigns, a development which also crippled the demand for tobacco across the continent.

The campaign by the WHO was launched to reduce tobacco related deaths and also ensure that the public is equipped with knowledge on the prevention of cardiovascular diseases.

According to a report by the organisation, tobacco is the world’s leading cause of preventable death, killing 7 million people each year.

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