The government of Guinea Bissau has found buyers for the country’s cashew nut crop, thus avoiding a sharp drop in prices paid to farmers, the Guinean Trade Ministry said in Bissau Wednesday.
“Two Guinean and one Senegalese businessman will buy the cashews for 200 cfa francs per kilo (0.30 euro) in the country’s interior and for 230 cfa francs (0.35 euro) in Bissau,” the ministry said.
The measure by the government, which is prevented from setting the price of cashew nuts, the country’s main export product, aims to minimise losses to farmers, who were selling the product at 100 cfa francs (0.15 euros) per kilo, or exchanging it for rice.
Last year, each kilogram of cashew nuts in Guinea Bissau sold for 300 cfa francs (0.45 euro), with the country exporting 110,000 tonnes of the product.
Guinea Bissau has no cashew processing industry and essentially exports to India.
Source: macauhub.com.mo
Publication date: 5/18/2009
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