Malawi: Tobacco Rakes in U.S.$64 Million in Forex
Tobacco sales have raked in US$64 million since the tobacco market opened last month, boosting the country’s dwindling forex reserves.
AHL Tobacco Sales Limited says the tobacco sales the country has made a total of US$64,600,746,64 since the market opened last month.
President Dr Lazarus McCarthy Chakwera opened the tobacco market in Lilongwe on 12 April, 2023.
According to the AHL Tobacco Sales Limited, the 64.6 million dollars has been made from 30,092,541 kilograms of tobacco, sold at an average price of $2.15/kg.
This is an improvement from the $22,372,037.44 which was made during the same time last year from 11,052,359 kg fetching an average price of $2.02/kg.
This comes at a time when the country has been struggling with forex leading to acute shortages of fuel across the country.
The government has also been struggling to buy medicine for the country’s hospitals due to shortage of forex.