Saturday, February 21, 2009

‘FRA makes K9.5bn profit from maize exports’

‘FRA makes K9.5bn profit from maize exports’
Written by Ernest Chanda
Saturday, February 21, 2009 6:49:29 AM

AGRICULTURE deputy minister Albert Mulonga yesterday told Parliament that the Food Reserve Agency (FRA) made a profit of about K9.5 billion from maize exports between 2006 and 2008.

Responding to a question for oral answer from Luampa UPND member of parliament Josephine Limata who wanted to know how much profit was made by the Agency from maize exports between 2006 and 2008, Mulonga said the amount was realised from the sale of 301,796.64 metric tonnes of the commodity.

“The Food Reserve Agency made a profit of K6,852,283,800 from maize exports in 2006-2007 out of a stock of 60, 730 metric tonnes. In 2007-2008, K2,696,189,295 profit was realised from a stock of 241, 066.64 metric tonnes,” he said.

“During the 2006/2007 season, maize was sold at K874, 000 per tonne at a purchase cost of K740,000 per tonne. As for the 2007/2008 season, the selling price was K771, 174.41 per tonne for the maize which was purchased at K760 000 per tonne (K38, 000 per 50 kilogramme bag). The selling price for 2006/2007 was higher than that for 2007/2008 season, thus registering a smaller profit margin in the 2007/2008 season.”

He said the maize exported during the period under review was sold to different countries within the Southern African region.

Mulonga further said the FRA sold local millers a total of 335, 168.27 metric tonnes of maize between 2006 and 2008 valued at K285, 710, 585, 240.

And contributing to the debate on the Public Service Commission, Solwezi West MMD member of parliament and deputy chief Whip Humphrey Mwanza advised the government to limit contracts for permanent secretaries to two terms.

Mwanza observed that some permanent secretaries had overstayed in the civil service, thereby rendering them less relevant.

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