{"id":56734,"date":"2023-10-24T16:36:32","date_gmt":"2023-10-24T16:36:32","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt"},"modified":"2023-10-24T16:55:42","modified_gmt":"2023-10-24T16:55:42","slug":"meatco-gets-new-lifeline-from-govt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt","title":{"rendered":"Meatco gets new lifeline from govt"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>government, through the Ministry of Finance and Public Enterprises, has appointed an interim board to look into the decelerating affairs of Meatco, the country\u2019s largest meat processing and marketing entity.<\/p>\n

Last week, it was reported that Meatco has failed to honour its payments to about 245 commercial farmers, to whom the entity owes an estimated N$320 million for cattle delivered to its abattoirs.<\/p>\n

As per the agreement with the farmers, Meatco was expected to make payment within 30 days of delivery, but no payment has been made to the protesting farmers, who have all accused Meatco\u2019s management of being unprofessional and untrustworthy.<\/p>\n

Having heard the cries of the affected farmers and following marathon consultations with various stakeholders within the local meat processing sector, Finance and Public Enterprises minister Iipumbu Shiimi resolved to appoint an interim board to help refine and implement new strategies.<\/p>\n

Amongst the many tasks, the interim board will develop an operational turnaround strategy, which is expected to be finalised before the end of this calendar year and will also rollout short, medium, and long-term strategies that will hopefully revive Meatco\u2019s ailing fortunes.<\/p>\n

\u201cThe government acknowledges the importance of Meatco\u2019s stability and its significant contribution to the domestic economy. The ministry is therefore committed to supporting Meatco in overcoming its financial difficulties and ensuring that all outstanding amounts to cattle producers are settled in due course. The government noted the recent newspaper articles pertaining to the unpaid creditors of Meatco, in particular the producers. Resolving the afore is on top of the priority list of the government and the interim board,\u201d assured Shiimi.<\/p>\n

He added: \u201cGovernment and the interim board value the crucial role that producers play in sustaining Meatco\u2019s operations and the whole beef value chain. In this context, the board already had extensive engagements with all relevant stakeholders, including all farmers unions. Again, the government wishes to assure cattle producers of its unwavering commitment to their wellbeing and the pivotal role they play in our nation\u2019s prosperity. The government is dedicated to ensuring that Meatco meets its obligation to its creditors.\u201d<\/p>\n

On its part, Meatco has pointed out that it depends on optimal throughput and operational efficiency to maximise market returns. But throughput remained a protracted challenge for the entity over the past three years.<\/p>\n

\u201cDue to our public policy objective, we serve our farmers even in times of ravaging droughts to ensure that we support primary production. As a result of high volumes and changes experienced in critical logistical documentation and procedures, Meatco experienced delays in clearing consignments and subsequently, the business experienced cash flow constraints to pay all producers within the established payment terms of 30 days,\u201d explained Meatco in a press statement. The company further said the situation has been addressed as all documentation have been shared with clients and consignments have been cleared safely for those still en route to their final destinations. Meatco said it is currently catching up on all producer accounts that are in arrears.<\/p>\n

For the year under review, Meatco has slaughtered 53 820 cattle both from the South of the Veterinary Cordon Fence (SVCF) and the Northern Communal Area (NCA), translating in 9 672 tonnes of beef sold year-to-date (YTD) up until August, locally and internationally.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. government, through the Ministry of Finance and Public Enterprises, has appointed an interim board to look into the decelerating affairs of Meatco, the country\u2019s largest meat processing and marketing entity. Last week, it was reported that Meatco has failed to honour its payments to about 245 commercial farmers, to whom the entity […]<\/p>\n","protected":false},"author":84,"featured_media":56733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-56734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nMeatco gets new lifeline from govt - Namibia<\/title>\n<meta name=\"description\" content=\"government, through the Ministry of Finance and Public Enterprises, has appointed an interim board to look into the dece ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meatco gets new lifeline from govt\" \/>\n<meta property=\"og:description\" content=\"government, through the Ministry of Finance and Public Enterprises, has appointed an interim board to look into the dece ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-24T16:36:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-24T16:55:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/10\/sm_1698153800.519654.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"491\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Meatco gets new lifeline from govt\",\"datePublished\":\"2023-10-24T16:36:32+00:00\",\"dateModified\":\"2023-10-24T16:55:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt\"},\"wordCount\":556,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/10\/sm_1698153800.519654.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatco-gets-new-lifeline-from-govt\",\"name\":\"Meatco gets new lifeline from govt - 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