The Food Reserve Agency has announced it will in this year’s crop marketing season pay K110 for a 50kg bag of white maize.
The Agency has also fixed the price of a 50kg bag of Soya Beans at K150 and paddy rice at K70 for a 40kg bag.
Announcing the development at a media briefing, FRA Executive Director Chola Kafwabulula said the Agency will this year buy 1 million metric tonnes of maize as announced by President Edgar Lungu recently.
Mr Kafwabulula said the private sector is expected to purchase the remainder of the over 3 million metric tones of maize that the country is expected to harvest.
Zambia’s agriculture sector is this year expected to produce over 3 million metric tones of maize as announced by Agriculture Minister Michael Katambo.
President Edgar Lungu said recently that Government will buy more than 1 million metric tonnes of Maize for strategic reserves during this year’s maize marketing season.
The President said the government wants to take advantage of this year’s bumper harvest to buy more maize as the weather patterns for next year cannot be predicted due to climate change.
The President asked the Ministry of Finance to fund the FRA on time so that they start purchasing maize on time.
The President further instructed the Agency to avail the Minister of Finance with a schedule on procurement of maize to enable the ministry to start processing payments.