Tanzanian President, Dr. John Pombe Magufuli has opened Malawi’s 2019 Tobacco Market at Lilongwe Selling floors in the capital Lilongwe. President Dr. Magufuli was on a two day state visit to Malawi on bilateral talks.
In his official opening remarks, President Magufuli acknowledged the importance of tobacco to both Malawi and Tanzania as it contributes greatly to foreign exchange and employment to rural population.
Speaking at the same function, the President of Malawi, Professor Arthur Peter Mutharika, announced the removal of withholding tax on farmers who sell less than 10 bales with immediate effect. This, President Mutharika, said was Government’s commitment to uplift the welfare of the tobacco farmers. The President also appeal to the industry regulator (Tobacco Commission (formerly Tobacco Control Commission)) to speed up the implementation of the new Tobacco Industry Act gazette in Feb 2019
On the opening day, the tobacco prices ranged from US$0.90 per kg to US$2.30 per kg for burley tobacco. This was an improvement over the prices registered in 2018 on the opening day (ranging from US$0.80 per kg to US$2.10 per Kg). A total of 205.5 million kg of all tobacco types is expected to be trade in 2019. Final sales in 2018 were 202 million kg realizing US$337.5 million.