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Weak shilling gives farmers Sh37bn tea bonus windfall
A farmer plucking tea. Tea farmers have started receiving a Sh37.1 billion final bonus from the Kenya Tea Development Agency (KTDA) for the financial year to June this year.
Photo credit: File | Nation Media Group
What you need to know:
- This is the first time the final payment, which is traditionally paid in October, is being made in July as part of reforms to ensure prompt payments to farmers.
- The payment is an increase from the Sh21 billion bonus paid last year owing to higher global tea prices and a favourable foreign exchange that has seen them earn more shillings for their exports. It marks the best performance of the tea industry in five years.
- The latest payment takes earnings by tea farmers in the year to Sh63 billion, which is a 42.4 per cent increase from the Sh44 billion they pocketed in the same period last year.
Tea farmers have started receiving a Sh37.1 billion final bonus from the Kenya Tea Development Agency (KTDA) for the financial year to June this year.
The payment is an increase from the Sh21 billion bonus paid last year owing to higher global tea prices and a favourable foreign exchange that has seen them earn more shillings for their exports. It marks the best performance of the tea industry in five years.
