The Monkey Bay incident has reignited debate around Finance Minister Joseph Mwanamvekha’s recent projection that maize prices could fall to below K20,000 per 50kg bag (US$ 12) by August this year.
The government has imposed a ban on maize exports to curb further depletion of national stocks.
Demand for protein-rich feed is rising with Malawi’s growing poultry and aquaculture industries, while edible oils offer an import-substitution opportunity.
This price increase is aimed at ensuring sufficient maize reserves for the country during lean periods, responding to current market dynamics.
On the source of resources to procure 200 000MT, Admarc Limited spokesperson Theresa Chapulapula said the funds will come from the Treasury.