Guinea-Bissau has set a price of 360 CFA francs ($ 0.65) per kg for the Farmgate of cashews for April-September commercial promotions, down 28% from last season. The government released the information on Friday (April 2, 2021).
Authorities also set a base tax of $ 850 per tonne for cashew exports.
Cashews are Guinea-Bissau’s main export crop, accounting for more than half of the country’s export revenue in 2019. But prices were hit last year by the Coronavirus outbreak, which disrupted supply chains and processing capacities.
The West African nation produces around 200,000 tonnes of raw cashew nuts in a typical year, mostly for buyers in India, but exports declined to just under 160,000 tonnes in 2020 according to figures from the Ministry of Commerce and Industry.
The country’s 2021 cashew marketing campaign officially kicks off on April 7.
Guinea Bissau is located in West Africa and is the second-largest cashew producer in West Africa and among the top five globally. The country is currently one of the world’s largest producers of raw cashew nuts and the cashew sector has acquired enormous importance in Guinea-Bissau’s economy.