According to a report by Tanzania’s mainstream media “The Guardian” on December 25, at the cotton industry board meeting held in Xinyangga on December 23, Tanzania Prime Minister Majaliwa officially announced the cancellation of the Cotton Industry Development Trust Fund, and the business will be managed by Tanzania. The Cotton Industry Board of Directors took over and ordered an investigation into the misuse of fund monies.
The Cotton Industry Development Fund was established by the Tanzania Cotton Industry Board of Directors in 1999. The purpose is to participate in the management of the cotton industry after privatization, introduce development funds, and maintain industrial order. There are 6 managers in total: 2 representatives of cotton farmers, 2 representatives of cotton reserves, 1 representative of the Ministry of Agriculture, and the CEO of the cotton industry board of directors.
Tanzania plans to produce 150,000 tons of cotton in the 2017/18 season, surpassing Zimbabwe to become the largest cotton-producing country in sub-Saharan Africa. Tanzania cancels Cotton Industry Development Trust Fund
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