HomeBusinessAnchor Yeast seeks to rise on import ban

Anchor Yeast seeks to rise on import ban

-

HARARE — Zimbabwe’s sole yeast producer Anchor Holdings has lobbied Parliament for a three-year ban on imports in a bid to save the business from collapse.

Company chief operating officer Muvirimi Kupara told a parliamentary portfolio on industry and commerce on Tuesday that such protectionist measures would help the company raise $4,5 million internally to retool within the next 36 months.

“We have laid off 46 staff within the last nine months and at the rate that we are importing, we will eventually shut down because the economics of the situation do not make business sense anymore,” Kupara said. “But Zimbabwe has more than enough consumer demand for us to remain viable and even beyond competitive. We ask that we be protected for 36 months. The 36 months will give us capacity to retool our plant and match global standards.”

Kupara said Anchor Holdings, the parent company of Gweru-based Anchor Yeast, was losing $3 million in turnover per annum because of competition from imports from Zambia and South Africa.

The company, which currently employs 101 employees, has been in existence since 1956. Kupara said Zimbabwe requires 5 400 tonnes of yeast per annum. Anchor produce 7 000 tonnes, but is currently operating at 60%.

— The Source

Recent Posts

Stories you will enjoy

Recommended reading