Guinea-Bissau wants to attract investment in cashew

Guinea-Bissau wants to attract investment in cashew

Guinea-Bissau's prime minister, Aristides Gomes, has said that it is necessary to invest in promoting the country's cashew industry and that exporters already have a "clear idea" of the new rate of promotion for the product.

"All exporters already have a clear idea of the promotion target of the cashew rate. It is a rate of 15 cfa francs per kilogram of cashew, which will make it possible to operate the regulatory structure of the cashew sector, which is the Anca (National Cashew Agency), and the Government will constitute the promotion fund," said Aristides Gomes.

The prime minister was speaking to journalists at the end of the official launching ceremony for the cashew marketing and exporting campaign, which took place at the processing center in Brá, Bissau.

The new rate of over-valuation of cashew, the main export product of Guinea-Bissau, has been contested by the exporters, who are against delivering part of the money to Anca, which, according to the president of the Association of Exporters of the country, Mamadu Jamanca, has not rendered accounts.

According to the Prime Minister, the new rate will allow orchards to be treated and the creation of funds to facilitate the obtaining of credit by the entrepreneurs who participate in the campaign from the banks.

"All the subregion countries are investing in cashew, although we have better quality, we have competition and we need a promotion of our cashew and so it is a necessity," he stressed.

The cashew campaign started today with a reference price of 500 cc (0.76 cents) per kilogram to the farmer.

Speaking to reporters, the prime minister also highlighted that it is necessary to explain to farmers what a reference price is.

"When the Government fixes an indicative reference price, the farmer normally thinks that the State has set a compulsory price and that it has an obligation to impose that price on market participants. You have to do some work to explain it," he said, adding that the price is not fixed and can be reduced or increased.