The Land Bank, which is in the throes of a liquidity crisis, slashed lending by about two-thirds in the five months to the end of September, starving farmers of capital ahead of the production season for the food staple maize.

The dramatic pull-back came during the height of the coronavirus lockdown and shortly after the state-owned company, whose debt was assigned junk status by Moody’s Investors Service in January, was thrown into financial turmoil after skipping multiple interest payments that triggered a cross-default...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now