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Sunday, April 21, 2024
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GMAZ Shines As Audit Reveals Good Corporate Governance

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The Grain Millers Association of Zimbabwe (GMAZ) has completed an audit of the $200 million maize grain which the organization procured at a subsidized price from government.

According to the audit report done by Baker Tilly Chartered Accountants who were tasked by GMAZ to carry out the audit on its members who included Blue Ribbon Foods and National Foods, millers adhered to good corporate governance on their allocations.

The Apex representative body of the grain milling industry’s Acting General Manager, Lynette Veremu said they were obliged to account for every grain they got from government at a subsidized price.

“We are mindful of our role of providing staple food and at the same time recognizing government’s interventions of affording us subsidized maize at the expense of the fiscas,”she said.

“This report has proved that millers have not abused the maize but have used it to its intended purposes and we are very grateful as it is also going to give confidence on us to the authorities and the general citizens we serve,” Veremu said.

Emirates

The audited 800 000 tonnes of maize valued at $194 million and were bought by GMAZ at $242 per tonne. GMB had bought the maize at $390 per tonne from farmers.

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Veremu said they had already commissioned a similar audit on wheat which they also procured at a subsidized price.

“ We are doing this in order to ensure that the national grain supplies are adequately stocked and this is also in line with section 15 of the constitution which guarantees food security.

We want also to take this opportunity to assure the nation that despite low and above normal rainfall which some parts of country received food supply remains stable,”she said.

“We are also proud to announce that we have already bought in advance $60 million worth of wheat and maize valued at $100 million ahead of this year’s harvesting season and we are grateful to the government which has again entrusted us to this extent,” Veremu said.

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