The profit realised has enabled the board to clear a long outstanding accumulated deficit which stood at close to P6 million and now holds retained earnings of P7 million. This is a remarkable achievement for BAMB, given that it has been carrying an accumulated trading deficit of varying amounts for most of its 34 years of existence. For the first time since it was established, BAMB will be able to pay dividends to the government.
Mphathi said this is the second year in a row BAMB has made a profit. Despite the general economic slowdown, growth in business was robust for BAMB largely due to an increase in demand for inputs under the Integrated Programme for Arable Agriculture Development (ISPAAD) and for indigenous foods.Mphathi told the media that the performance of the board is dependent upon the amount of grains it purchases and trades during the year. During the 2008/2009 harvest season, BAMB purchased 19,000 tonnes of cereals and 7,000 tonnes of sunflower locally, almost double the previous year's purchases of about 10,0335 tonnes of cereal.Quantities of produce purchased from local sources in all years under review were far below the local demand, hence the board had to import to supplement local produce.
